What is ......Korea?

Question

interest rate; price of water bottle in us$ and korean won; price of korean fan in korea us$ and korean won;wat does 1 us $ buy u in korea?;

Answer 1

The interest rate at banks in Korea depend upon the type of loan or account. With the interconnection of world finance, there isn't a large difference between rates in the US, or Japan, or Korea (some accounts in Korea pay a little more than in the US). The Korean won is about 938 or so to the US dollar. A paper fan would be KRW 1000 to 3000. Taxis start at about USD 2.00. One USD will buy 2 bottles of cola, a loaf of bread, etc. A McDonald's hamburger meal will be about USD 5.00. Pizza Hut has a small pizza for KRW 6000.

Answer 2

The won rate is about 940 won=$1, but for all intents and purposes you can pretty much equate the 1,000 won bill to a $1 bill.

As far as prices anything produced locally is going to be cheaper than elsewhere in the world and anything imported will be ridiculously expensive. Korea produces furniture, clothing, and some other stuff thats pretty cheap.

But imported clothing or cars, gasoline and beef(you can't get a decent steak in korea) are expensive relative to the rest of the world. Property in korea, particularly seoul is extremely expensive. This is probably due to the fact that korea is such a small country so there is short supply of land combined with increased demand and speculation.

So depending on what you're buying your $1 can go a long way, or it could buy you almost nothing.

Answer 3

Hi,

I have been living in South Korea for 6 years.
I agree with Rick's answer.

What you must know is that life in Korea is quite expensive,
Gasoline is approx. 1450 Won ~ 1500 Won per liter, 1 US$ = ~900 to 950 US$ (the korean Won keeps on rising against the dollar).

Seoul is if I recall well the 5th most expensive town in the world.

Basic goods like mineral water locally produced is cheap. On the other hand Beef is very expensive (35 000 Won (imported fro Australia) to 50 000 won (local "best" beef) per kilo. i.e. 40 to 55 $).

There is also a real estate fiever (speculation?) in South Korea, typically 3.3 m2 (1 "pyong") costs approx. 5 to 6 million wons (standard class) and up to 10 million wons (luxury) in a high rise building (typical here : 20 to 25 stories), in other words 1 m2 costs approx. 1100 US$ (standard class) to 2000$ (luxury). Apartments are usually large, 100 ~ 130 m2 is common, and sizes up to 300 m2 can be (relatively easily) found.

Interest rates (bank loan) are at approx. 6 ~ 7%.

Mike

Answer 4

1 US$ bill is pretty close in value to a 1000 won korean bill...it does flucuate often. u can get a lot of things for one dallar. i bought a six pack of water (size of a liter) for 2400 won at costco. or a regular size bottle of soju for 990 won.

if ur talking about a paper fan, u probably can get that for about 1000 won depending on the place u go and the quality and size. if ur talking about an electrical fan thatll cost u more.

there is no tax on purchases. all that is included in the price i believe. if u can read the receipt it says something about a VAT tax thingee in there.

1000 won doesnt sound like much. but i tip 95% of the time when i take a taxi and about 95% of the cabs drivers ive experienced were always happy for that generosity.

Answer 5

well its Easy theres Korean People so it means its a country Good question!