Quote:
Originally Posted by mineistaken
Imagine he would have said "I will pay you back double the amount in an hour". Would you charge him extra 100% for every late hour? 2400% for one late day? According to your logic you would..
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Yes, that'd be how I'd figure it. If I loaned you money on an hourly basis, and you paid me back 18 hours late, I'd expect 18 loan periods to be paid off. Our agreed period is one hour. If you borrow it for two hours, you'd be paying me for two periods of one hour each.
If you're doubling my money in a day, I'd break it down like this:
Day 1: 0.10
Day 2: 0.20
Day 3: 0.40
Day 4: 0.80
Day 5: 1.60
Day 6: 3.20
Day 7: 6.40
Day 8: 12.80
Day 9: 25.60
Day 10: 51.20
Day 11: 102.40
Day 12: 204.80
Day 13: 409.60
Day 14: 819.20
Day 15: 1638.40
Day 16: 3276.80
Day 17: 6553.60
Day 18: 13107.20
Sorry, I would have responded to you in my original reply, but you went back and edited this part in afterward, so I needed to reply separately.