Question

Jess is overseas and withdraws $150.00 from his account. His bank charges a foreign transaction fee of

$6.00, plus 2.5% when converting to the local currency. How much will his bank charge in fees?

Answer 1

• $9.75

Explanation:

Given

• The sum taken = $150
• One off fee = $6
• Rate of conversion = 2.5%

Total fees

• 6 + 150*0.025 =
• 6 + 3.75 =
• $9.75

Answer 2

$9.75

Explanation:

Take the percentage off what he withdrew.

2.5% = 0.025

150 * 0.025 = 3.75

Add the transaction fee.

6 + 3.75 = $9.75

Best of Luck!