Quandaries and Queries 

Name: Terie
Who is asking: Other
Question: Hi Terie, Each day you owe 1/365 of 6.25% in interest and this will be compounded. Each day the interest is calculated using what you owe on that day. Thus after one day you owe 2000(1 + ^{0.0625}/_{365}) and hence the interest is 

