Pay off a $5,000 credit card
Answer
About 26 months at $250/month on a $5,000 balance at 22% APR — roughly $1,285 in total interest.
Assumptions
- $5,000 starting balance
- 22% APR (fixed)
- $250 fixed monthly payment
- No new charges added
Calculation
r = 22%/12 ≈ 1.833%/moMonths ≈ −ln(1 − P·r/M) / ln(1+r) ≈ 25.1Total paid ≈ $6,285 · Interest ≈ $1,285Try the full calculator
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Frequently asked
What if I pay more each month?
Even small increases dramatically shrink the timeline and total interest. Try the full calculator to compare.
Is this educational only?
Yes — this is an estimate. Your actual payoff depends on your APR, minimum payment rules, and new charges.
Estimates only. Figures are before taxes and deductions unless noted.