What does it mean to have a 17.4% interest rate for a credit line of $3000.?

I understand that%26#039;s the interest rate for borrowing funds from a financial institution ? But, what does it mean?

What does it mean to have a 17.4% interest rate for a credit line of $3000.?

It means you%26#039;ll be charged a LOT of interest if you borrow.

What does it mean to have a 17.4% interest rate for a credit line of $3000.?

It means you want to find a lower rate cuz that is more then 17 cents on the dollar.

So for every $100 you use on credit, it is $17.40 interest or $174 per $1,000.00

What does it mean to have a 17.4% interest rate for a credit line of $3000.?

You can borrow up to $3,000 and when you do, whatever you borrow will be charged and interest rate of 17.4%

What does it mean to have a 17.4% interest rate for a credit line of $3000.?

It is the amount of interest you will be charged on your credit card. This is how they do it, let%26#039;s say you max it out at $3000 then 17.4% of that is $522 but you have to divide that by 12 for each month in the year leaving your interest for that month being 43.50. So then your balance would be 3043.50. Then you would have gone over your credit limit and probably be charged a fee for then. So then you add the fee minus your payment amount that you make. So for example lets say you have a $100 balance instead. 17.4% would mean that you take $17.40 because that is the interest divided by 12 for that month of interest which equals $1.45. So then your balance is $101.45. Then minus your payment let%26#039;s say $20. Your new balance is then $81.45. This means that the next month your interest would be $14.17 divided by 12 is $1.18. So then add that to your balance $82.63 and minus your $20 payment which equals $62.63. Then the next billing cycle you add the interest, minus payment and so on and so forth. Hope this helps and isn%26#039;t too confusing.