How does binance margin fees really work?

Hi, i tried getting into margin trading for the first time, just trying to clarify a thing or two.

Could someone please tell me exactly how are the fees/interest calculated on binance? I found this formula on their site: I (interest) = P (borrowed money) * R (daily interest 0.02%/24) * T (in hours) , and i saw somewhere that they charge 0,1% (or whatever amount) of the borrowed amount per hour. Does it mean that you're paying both the hourly fees on the amount you borrowed plus the daily interest?

For exemple, with a 1000€ collateral and a X5 leverage in a long, would it mean that i couldn't let it run for too many days, orelse i'd have to pay for interests plus fees on the borrowed amount on top that?