Currency Transactions (Leaving Cert Mathematics): Flashcards

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Currency Transactions
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Currency transaction definition

Exchanging money for local currency

Exchange rates show

How much one currency is worth in terms of another

Fundamental rule: where to put required currency

On the right-hand side of the equation

What fluctuates daily in currency exchange

Exchange rates

Basic conversion method key step

Reverse the order of the given exchange rate

Convert 100 USD to € when €1 = 1.35 USD\text{€1 = 1.35 USD}

€74.07

From €1 = 1.35 USD\text{€1 = 1.35 USD}, find value of 1 USD

€(1÷1.35)\text{€}(1 \div 1.35) or €0.74

How to calculate service charges

Theoretical amount minus actual amount received

First step when dealing with service charges

Calculate the theoretical amount first

Method for multiple currency conversions

Handle each conversion separately using appropriate rate

Explore Leaving Cert Mathematics Revision Notes by Topics

Fundamentals of Arithmetic

The Basics

Income Tax

Compound Interest & Depreciation

Applications of Geometric Series

Amortisation Formula

Explore Leaving Cert Mathematics Model Answers by Topics

Fundamentals of Arithmetic

The Basics

Income Tax

Compound Interest & Depreciation

Applications of Geometric Series

Amortisation Formula

Explore Leaving Cert Mathematics Quizzes by Topics

Fundamentals of Arithmetic

The Basics

Income Tax

Compound Interest & Depreciation

Applications of Geometric Series

Amortisation Formula

Explore Leaving Cert Mathematics Exam Questions by Topics

Fundamentals of Arithmetic

The Basics

Income Tax

Compound Interest & Depreciation

Applications of Geometric Series

Amortisation Formula

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