Paying off $7,500 at 18% APR
Computed month by month.
$271/mo
pays off $7,500 at 18% APR in 3 years · $2,261 interest
$7,500 at 18% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $150/mo | 7 yr 10 mo | $6,467 |
| $225/mo | 3 yr 11 mo | $2,975 |
| $271/mo | 3 yr 1 mo | $2,263 |
| $375/mo | 2 yr 0 mo | $1,484 |
| $750/mo | 11 mo | $687 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $688 | $751 |
| 18 months | $479 | $1,114 |
| 24 months | $374 | $1,486 |
| 36 months | $271 | $2,261 |
| 48 months | $220 | $3,075 |
| 60 months | $190 | $3,927 |
FAQ
How long to pay off $7,500 at 18% paying 3% a month?
Paying a fixed $225 a month takes 3 yr 11 mo and costs about $2,975 in interest.
What payment clears $7,500 at 18% in 2 years?
About $374 a month, with $1,486 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($225-$375) is usually cheaper than 18% APR if you can clear the balance during the promo.