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SurReality
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sort of basic algebra question.
#19076336 - 11/02/13 05:55 PM (10 years, 3 months ago) |
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how do you calculate how much to increase the price of something when there is a transaction fee? i remember learning this in my last math class but its been years.
say i am charging someone $500 for something but there is a 2% credit card fee. i can't just multiply 500*1.02 to get a price of $510 because 2% of 510 is $10.20 not 10.
thanks.
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Fox7
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Re: sort of basic algebra question. [Re: SurReality]
#19076384 - 11/02/13 06:07 PM (10 years, 3 months ago) |
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Quote:
SurReality said: how do you calculate how much to increase the price of something when there is a transaction fee? i remember learning this in my last math class but its been years.
say i am charging someone $500 for something but there is a 2% credit card fee. i can't just multiply 500*1.02 to get a price of $510 because 2% of 510 is $10.20 not 10.
thanks.
Could you phrase it a little differently? I'm a little confused. I think what your looking for is: y: 500 (1.02)^x (x being the number of times you apply the fee. Like if it was a monthly thing, x would be number of months since the start.)
Edited by Fox7 (11/02/13 06:08 PM)
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MHbound
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Re: sort of basic algebra question. *DELETED* [Re: Fox7]
#19076445 - 11/02/13 06:21 PM (10 years, 3 months ago) |
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Post deleted by MHboundReason for deletion: Reposted
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MHbound
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Re: sort of basic algebra question. [Re: MHbound] 1
#19076453 - 11/02/13 06:22 PM (10 years, 3 months ago) |
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(X * .02) + X
where X is the amount charged
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SurReality
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Re: sort of basic algebra question. [Re: MHbound]
#19076604 - 11/02/13 06:59 PM (10 years, 3 months ago) |
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the amount charged is a %.
basically i need to know how to add on the fee to the price i want to receive after the price. if i add on percent of the price i want to receive the increase in price increase the fee so i get slightly less than desired.
its not a monthly thing. it individual sales.
so if i add 2% of 500 to 500 and get 510 then the fee is 10.20 and i only actually get 499.80 when i want 500.
its pretty basic, but if you haven't had this type of question before its tricky to figure out the formula. hopefully someone just knows because i know a lot of college folk are up in here.
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MHbound
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Re: sort of basic algebra question. [Re: SurReality] 1
#19076625 - 11/02/13 07:06 PM (10 years, 3 months ago) |
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How does what I not posted above work?
X * .02 === This is 2 percent of whatever is charged
+ X === This adds back on the original price
So lets say its 510 is the amount charged
510.00 * .02 = 10.20
+ 510.00 = 520.20
Normally .20 would be rounded off but since it is a dollar amount you have to carry it. Adding .00 to whole numbers will make the calculator carry it.
Maybe there is a better way I will wait around.
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Midnight_Toker
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Re: sort of basic algebra question. [Re: SurReality] 3
#19076634 - 11/02/13 07:09 PM (10 years, 3 months ago) |
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500 * .02 + 500
2% of 510 is 10.20, 2% of 500 is 10
The same math applies for any amount and percentage you want to do. I think you just messed up in that you're trying to get 510 total but you're adding the 2% to the 510 already when you should be adding it to the 500 instead.
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zappaisgod
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Re: sort of basic algebra question. [Re: SurReality] 2
#19076673 - 11/02/13 07:22 PM (10 years, 3 months ago) |
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I don't think you have to pay a 2% fee on the 2% fee.
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Sheekle
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Re: sort of basic algebra question. [Re: zappaisgod]
#19076681 - 11/02/13 07:23 PM (10 years, 3 months ago) |
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Basic is the opposite of acidic. Period. End of story. Done. There you go. Just like that.
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NotTheDevil
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Re: sort of basic algebra question. [Re: SurReality] 1
#19076694 - 11/02/13 07:26 PM (10 years, 3 months ago) |
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Quote:
SurReality said: how do you calculate how much to increase the price of something when there is a transaction fee? i remember learning this in my last math class but its been years.
say i am charging someone $500 for something but there is a 2% credit card fee. i can't just multiply 500*1.02 to get a price of $510 because 2% of 510 is $10.20 not 10.
thanks.
It would be 500 * 0.02= 10 | then 500 + 10 =510
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zappaisgod
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Re: sort of basic algebra question. [Re: NotTheDevil]
#19076703 - 11/02/13 07:28 PM (10 years, 3 months ago) |
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NotTheDevil
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Re: sort of basic algebra question. [Re: zappaisgod]
#19076709 - 11/02/13 07:29 PM (10 years, 3 months ago) |
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Quote:
zappaisgod said:

Dont forget to carry the bacon
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user1837483975


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Re: sort of basic algebra question. [Re: SurReality]
#19076745 - 11/02/13 07:38 PM (10 years, 3 months ago) |
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Quote:
SurReality said: how do you calculate how much to increase the price of something when there is a transaction fee? i remember learning this in my last math class but its been years.
say i am charging someone $500 for something but there is a 2% credit card fee. i can't just multiply 500*1.02 to get a price of $510 because 2% of 510 is $10.20 not 10.
thanks.
The percentage increase for credit cards is charged on the initial price (in this case $500), not on the actual dollar amount that you transfer. You will pay $510 which includes the credit card fee.
I'm not sure on this, but I think you may be confusing what you need to do here with the compound interest formula, which is M = P( 1 + i )^n.
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SurReality
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canberra you might be right, not sure what you mean.
you guys are not getting this lol. ok so i want to receive 500. but the customer is going to pay the fee it takes for me to get 500 after the fee is taken out.
if he pays 510, 10.20 will go to the CC processor and i will get 499.80 not 500.
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SurReality
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Re: sort of basic algebra question. [Re: MHbound]
#19076774 - 11/02/13 07:46 PM (10 years, 3 months ago) |
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Quote:
MHbound said: How does what I not posted above work?
X * .02 === This is 2 percent of whatever is charged
+ X === This adds back on the original price
So lets say its 510 is the amount charged
510.00 * .02 = 10.20
+ 510.00 = 520.20
Normally .20 would be rounded off but since it is a dollar amount you have to carry it. Adding .00 to whole numbers will make the calculator carry it.
Maybe there is a better way I will wait around.
ok i see where you're confused. what ever i charge the fee is deducted from my charge so i get less. not added to, thats just how CC processors work.
so i have to figure what to add, that is the whole point of this thread.
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MHbound
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Re: sort of basic algebra question. [Re: SurReality]
#19076778 - 11/02/13 07:47 PM (10 years, 3 months ago) |
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So, Y - (Y*.02)
510 - (510 * .02) 510 - 10.20 =499.80
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zappaisgod
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Re: sort of basic algebra question. [Re: SurReality]
#19076815 - 11/02/13 07:53 PM (10 years, 3 months ago) |
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Quote:
SurReality said: canberra you might be right, not sure what you mean.
you guys are not getting this lol. ok so i want to receive 500. but the customer is going to pay the fee it takes for me to get 500 after the fee is taken out.
if he pays 510, 10.20 will go to the CC processor and i will get 499.80 not 500.
OMG! You got beat for 20 whole cents! Why, you would have to charge 510 and 20.4 and on and on and on in a fibonacci series of diminishing cents. I suspect this could turn out to be an asymptote of a fractally realized topological space.
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SurReality
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Re: sort of basic algebra question. [Re: MHbound]
#19076845 - 11/02/13 07:58 PM (10 years, 3 months ago) |
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the fact that its only 20 cents doesn't answer the question. have you considered that maybe a business thrives on more than one sale?
wow i kno this is a simple question because i have done this before in algebra class. forget it i guess i give this place too much credit when i assumed someone here could answer a basic math question.
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SurReality
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Re: sort of basic algebra question. [Re: SurReality]
#19076861 - 11/02/13 08:02 PM (10 years, 3 months ago) |
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fuck it i'll just add 2.1% to more than make up for the fee. 500*1.021= 510.5 and 510.5-2%= $500.29 so i get more than desired.
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zappaisgod
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Re: sort of basic algebra question. [Re: SurReality]
#19076867 - 11/02/13 08:03 PM (10 years, 3 months ago) |
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Quote:
SurReality said: fuck it i'll just add 2.1% to more than make up for the fee. 500*1.021= 510.5 and 510.5-2%= $500.29 so i get more than desired.
Duh.
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