Paying off $7,500 at 21% APR
Computed month by month.
$283/mo
pays off $7,500 at 21% APR in 3 years · $2,672 interest
$7,500 at 21% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $150/mo | 10 yr 0 mo | $10,479 |
| $225/mo | 4 yr 3 mo | $3,855 |
| $283/mo | 3 yr 0 mo | $2,666 |
| $375/mo | 2 yr 1 mo | $1,812 |
| $750/mo | 1 yr 0 mo | $817 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $698 | $880 |
| 18 months | $489 | $1,308 |
| 24 months | $385 | $1,749 |
| 36 months | $283 | $2,672 |
| 48 months | $232 | $3,648 |
| 60 months | $203 | $4,674 |
FAQ
How long to pay off $7,500 at 21% paying 3% a month?
Paying a fixed $225 a month takes 4 yr 3 mo and costs about $3,855 in interest.
What payment clears $7,500 at 21% in 2 years?
About $385 a month, with $1,749 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($225-$375) is usually cheaper than 21% APR if you can clear the balance during the promo.