Review Question: Option Cost

A trader buys a 3-month EUR call/USD put option on an underlying amount of EUR 10 million. The EUR/USD strike is 1.2100 and the current spot rate is 1.2000. The price is 0.0167. 
How much does the option cost in EUR (to the nearest euro)?

Breakeven Point

Using the convention of 'quoted currency per unit of base', an option premium can be thought of as 'points' (like the points for a forward FX trade). It is then simple to derive a breakeven point for the trade – the exchange rate at expiry where an option owner 'breaks even', taking into account the premium.