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Term 1 · Weeks 6–9 · Units and Conversion

Standard problem

Standard

The mid-market rate is ₱57.50 per dollar, but a remittance company pays out at ₱57.20. How many pesos does the family lose on a US$300 remittance because of the lower rate?

Show step-by-step solution

Answer: 90 ₱

  1. At mid-market: 300×57.50=17,250300 \times 57.50 = 17{,}250.
  2. At the company's rate: 300×57.20=17,160300 \times 57.20 = 17{,}160.
  3. Difference: 9090 pesos, a hidden fee of about 0.5%.

Budget of Work competencies

  • gm11.t1.w8.c2
    Solve problems involving the conversion of currencies.
  • gm11.t1.w1.c2
    Apply a percentage increase or decrease in various contexts:

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