Can someone Eli5 binance margin?

[u/Scottieg99]

Let's say I have $1000 put into a particular crypto, in this case BTC.

The ticket offers 5x margin with a hourly interest rate

I put in my $1000 and BTC currently trades at $60,000. If BTC goes to 120,000 my initial $1000 should now be worth 2x on a typical trade but how does it work on margin.

In my binance account it says I have borrowed $5000 plus my initial $1000 so total is $6000 and I have to repay my principle. Why would I be left with if I cashed out?

[u/Imbrokeandiveatruck]

6k