I'm thinking of getting a margin account with Interactive Brokers. Suppose I have a margin account at IB, and I have $26K to trade with. According to their website, the margin interest rate is 1.59%. So, if I were to make a day trade (meaning bought and sold in the same day), using $10000 ($5000 cash, $5000 loan), would IB automatically deduct the interest, which is 1.59% divided by 365, times the $5000 loan and also take back the money they loaned me on settlement day? Also, is there any general advice people can give me about using a margin account?