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?

To calculate the amount of interest earned on each account in one month, you can use the formula:

Interest = Principal x Rate

For the first account with an interest rate of 4.5%/month:
Interest = $2,000 x 4.5% = $90

For the second account with an interest rate of 3.75%/month:
Interest = $2,000 x 3.75% = $75

To find the difference in interest earned between the two accounts, subtract the interest earned in the second account from the interest earned in the first account:

Difference = $90 - $75 = $15

Therefore, you could earn $15 more interest in one month by using the first account with a 4.5% interest rate.

To determine how much more interest you could earn in a month using the first account compared to the second account, you need to calculate the interest earned on both accounts.

First, let's calculate the interest earned on the first account:

Interest = Principal x Rate
Interest = $2,000.00 x (4.5%/100)

To convert the monthly interest rate to a decimal, divide it by 100:
Interest = $2,000.00 x (0.045)

Now, let's calculate the interest earned on the second account:

Interest = Principal x Rate
Interest = $2,000.00 x (3.75%/100)

To convert the monthly interest rate to a decimal:
Interest = $2,000.00 x (0.0375)

Now, we can subtract the interest earned on the second account from the interest earned on the first account to find out how much more interest you could earn in that month using the first account:

Difference in Interest = Interest (First Account) - Interest (Second Account)

Difference in Interest = ($2,000.00 x (0.045)) - ($2,000.00 x (0.0375))

Now, you can calculate the difference in interest to find out how much more interest you could earn in that month using the first account.

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