If you placed $1,000.00 in a savings account with an interest rate of 4.5% / month versus an account with 3.75% / month, how much more interest could you earn in that month?

$1.25 more

$12.50 more

$7.50 more

$75.00 more

Question

Kyler Vazquez

Mathematics

6 July, 05:47

If you placed $1,000.00 in a savings account with an interest rate of 4.5% / month versus an account with 3.75% / month, how much more interest could you earn in that month?

$1.25 more

$12.50 more

$7.50 more

$75.00 more

+2

Answers (1)

Know the Answer?

Zaiden · Answer 1

If the rate is 4.5% / month

so, it is 1000 x 4.5) / 100 = $45

if the rate is 3.75% / month,

so it is 1000 x 3 ... 75) / 100 = $37.5

so the answer is $45 - $37.5 = $7.50 more

If you placed $1,000.00 in a savings account with an interest rate of 4.5% / month versus an account with 3.75% / month, how much more interest could you earn in that month?$1.25 more$12.50 more$7.50 more$75.00 more

If you placed $1,000.00 in a savings account with an interest rate of 4.5% / month versus an account with 3.75% / month, how much more interest could you earn in that month?

$1.25 more

$12.50 more

$7.50 more

$75.00 more