5. A Swiss bank shows currency conversion rates in a table. Part of the table is...

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5. A Swiss bank shows currency conversion rates in a table. Part of the table is shown below, which gives the exchange rate between British pounds (GBP), US dollars (USD) and Swiss francs (CHF). GBP USD Working: Buy 2.3400 1.6900 This means that the bank will sell its British pounds to a client at an exchange rate of 1 GBP = 2.4700 CHF. MI (a) What will be the selling price for 1 USD? Andrew is going to travel from Europe to the USA. He plans to exchange 1000 CHF into dollars. The bank sells him the dollars and charges 2% commission. (b) How many dollars will he receive? Give your answer to the nearest dollar. r Al Sell 2.4700 1.7700 Answers: (a) (b) A2 AO (Total 8 marks) 7. Jane plans to travel from Amsterdam to Chicago. She changes 1500 Euros (EUR) to US Dollars (USD) at an exchange rate of 1 EUR to 1.33 USD. Give all answers in this question correct to two decimal places. (a) Calculate the number of USD Jane receives. Jane spends 1350 USD and then decides to convert the remainder back to EUR at a rate of 1 EUR to 1.38 USD. (b) Calculate the amount of EUR Jane receives. If Jane had waited until she returned to Amsterdam she could have changed her USD at a rate of 1 EUR to 1.36 USD but the bank would have charged 0.8% commission. (c) Calculate the amount of EUR Jane gained or lost by changing her money in Chicago. Working: (1) (3) (2) 6. The table below shows the monthly repayments per $10 000 borrowed for various nominal annual interest rates. Loan term (years) Working: 5 10 15 20 25 Table of monthly repayments in $, per $10 000 Annual interest rate 7% 198.0112 116.1085 89.8828 77.5299 70.6779 MI 8% 202.7634 121.3276 95.5652 83.6440 77.1816 Beryl borrows $150 000 to buy an apartment at an interest rate of 8%, to be repaid over 20 years.. 9% 207.5836 126.6758 101.4267 89.9726 83.9196 (a) Calculate Beryl's exact monthly repayment. (b) Find the exact amount of interest paid for the loan over the 20 years. 5. A Swiss bank shows currency conversion rates in a table. Part of the table is shown below, which gives the exchange rate between British pounds (GBP), US dollars (USD) and Swiss francs (CHF). GBP USD Working: Buy 2.3400 1.6900 This means that the bank will sell its British pounds to a client at an exchange rate of 1 GBP = 2.4700 CHF. MI (a) What will be the selling price for 1 USD? Andrew is going to travel from Europe to the USA. He plans to exchange 1000 CHF into dollars. The bank sells him the dollars and charges 2% commission. (b) How many dollars will he receive? Give your answer to the nearest dollar. r Al Sell 2.4700 1.7700 Answers: (a) (b) A2 AO (Total 8 marks) 7. Jane plans to travel from Amsterdam to Chicago. She changes 1500 Euros (EUR) to US Dollars (USD) at an exchange rate of 1 EUR to 1.33 USD. Give all answers in this question correct to two decimal places. (a) Calculate the number of USD Jane receives. Jane spends 1350 USD and then decides to convert the remainder back to EUR at a rate of 1 EUR to 1.38 USD. (b) Calculate the amount of EUR Jane receives. If Jane had waited until she returned to Amsterdam she could have changed her USD at a rate of 1 EUR to 1.36 USD but the bank would have charged 0.8% commission. (c) Calculate the amount of EUR Jane gained or lost by changing her money in Chicago. Working: (1) (3) (2) 6. The table below shows the monthly repayments per $10 000 borrowed for various nominal annual interest rates. Loan term (years) Working: 5 10 15 20 25 Table of monthly repayments in $, per $10 000 Annual interest rate 7% 198.0112 116.1085 89.8828 77.5299 70.6779 MI 8% 202.7634 121.3276 95.5652 83.6440 77.1816 Beryl borrows $150 000 to buy an apartment at an interest rate of 8%, to be repaid over 20 years.. 9% 207.5836 126.6758 101.4267 89.9726 83.9196 (a) Calculate Beryl's exact monthly repayment. (b) Find the exact amount of interest paid for the loan over the 20 years.

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5 a Selling price for 1 USD 17700 CHF X b Banks commision 2 of 1000 CHF ... View the full answer