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


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April 14th, 2012, 09:03 AM   #1
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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
Chip is offline  
 
April 14th, 2012, 09:24 AM   #2
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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...
Denis is offline  
April 16th, 2012, 11:55 PM   #3
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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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