If you place $2,000.00 in a savings account with an interest rate of 4.5%/month versus an account with a rate of 3.75%/month, how much more interest could you earn in that month using the first account

Question

Mathematics

Haleigh Walter

18 September, 16:43

If you place $2,000.00 in a savings account with an interest rate of 4.5%/month versus an account with a rate of 3.75%/month, how much more interest could you earn in that month using the first account

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Mia Ochoa · Answer 1

You would be earning $15 more dollars using the first account, since the product of 2000*0.045 = 90. where as the product of 2000*0.0375=75 due to the decrease in interest rate.