Calculate how long it will take to pay off debt.
Payoff time is solved from the amortization equation given the balance, rate, and monthly payment.
A $10,000 balance at 18% APR with $300/month payments is paid off in about 47 months.
Increase the monthly payment, target the highest-interest balance first (avalanche method), or consolidate to a lower rate.
Minimum payments mostly cover interest, so payoff can take many years and cost several times the original balance in interest.
No. Late fees and other charges extend the payoff time beyond the estimate shown.
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