My Math Forum Newb needs retail help

 Elementary Math Fractions, Percentages, Word Problems, Equations, Inequations, Factorization, Expansion

 April 14th, 2012, 09:03 AM #1 Newbie   Joined: Apr 2012 Posts: 1 Thanks: 0 Newb needs retail help I need a formula for finding a baseline retail price. I am paying 2.9% + .30 per transaction in fees, how do I calculate to my base price, ie: if I wanted to end up with exactly $85 after processing fees. Thanks for help April 14th, 2012, 09:24 AM #2 Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,588 Thanks: 1038 Re: Newb needs retail help Quote:  Originally Posted by Chip I need a formula for finding a baseline retail price. I am paying 2.9% + .30 per transaction in fees, how do I calculate to my base price, ie: if I wanted to end up with exactly$85 after processing fees.
Well, not too clear, but IF you mean the "customer" wants to pay exactly $85 and you still want to apply "2.9% + .30", then selling price P: P - .029P - .30 = 85 .971P = 85.30 P = 87.8475798...  April 16th, 2012, 11:55 PM #3 Senior Member Joined: Apr 2011 From: USA Posts: 782 Thanks: 1 Re: Newb needs retail help My guess is that these are credit card processing fees, and you want to net$85 on the sale after the fees are paid. But the math still works regardless. (You calculator doesn't care who is who and what the fees are called.) If this is for real life, was that all the better rates you could get? Unless things have changed drastically since the last time I did this stuff, I'd look around.

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