Maths GCSE- Money

Let's say you are given the following:

£26 = 62¥

£24 = 54r

And asked to work out how many yen is one rupee.

Firstly you should divide the two by the common currency- Pounds:

£1 = 62/26¥ , £1 = 54/24r            > Notice how the Pounds are the same?

Now we can subsitute each side so we get:  

62/26¥ = 54/24r

then by dividing the rupee side by it's top heavy fraction we can get that:

1r = 1.06¥ 

Simple interest is easy:

Just multiply the initial value that you get given with the interest rate, for example:

Jacob has £1200 in his bank account with an 8% interest per annum. What will his total be in a years time?

       £1200 x 0.08 [Converted to a decimal] = £96

       £1200 + £96 = £1296

or    £1200 x 1.08 = £1296

If this were over a longer time period then you would simply multiply the 1st step by the added length e.g. 6 years would mean 96 x 6 = 576, which you would add to the previous £1200.

For 1/x of a year you would multiply the £96 by 1/x

E.g. Half a year would be £1200 + £96/2