Quandaries and Queries 

My question is: What would be the amount of interest charged or accrued and how is it calculated on principal balance of $209.12 @ 6% interest rate compounded daily for 70 days? Thank you for your help!
Jeff Hi Jeff, I expect that the 6% interest rate is 6% per year, and hence the daily interest rate is ^{0.06}/_{365} = 0.00016438. To save myself some typing I am goint to call this r, that is r = 0.00016438. On day 1 you borrow $209.12 and hence at the end of day 1 you owe 

