Basic percentages

[anjelykah1111]

I am not a student, just an adult trying to figure something out. Lol!
Thanks for your help

I was paid $30.79, of which 2.9% plus $0.30 is the fee the payment vendor takes, so $1.19 (net would be $29.60)

I have a report that gives me all of my sales for the year, but it only includes the net amounts and not gross or the fee for each transaction.
I need to know what the fees were for each transaction, but without the gross amount, I don't know how to find out what the 2.9% plus $0.30 would have been.

How do I take the $29.60 and turn it back into $30.79? I tried adding back the $.30, which makes it $29.90, but adding 2.9% of that is obviously not enough. I don't know how to do the reverse math on this.

I hope I make sense. I am sure it's super easy, but I just can't seem to figure it out.

Thanks so much!

Angelica

 

[MarkFL]

Let \(P\) be the payment before deductions (gross) and \(N\) be the net payment:

[MATH]P-(0.029P+0.3)=N[/MATH]
Now, let's solve for \(P\):

[MATH]P-0.029P-0.3=N[/MATH]
[MATH](1-0.029)P=N+0.3[/MATH]
[MATH]P=\frac{N+0.3}{1-0.029}[/MATH]
Does this help?

 

[Deleted member 4993]

I am not a student, just an adult trying to figure something out. Lol!
Thanks for your help

I was paid $30.79, of which 2.9% plus $0.30 is the fee the payment vendor takes, so $1.19 (net would be $29.60)

I have a report that gives me all of my sales for the year, but it only includes the net amounts and not gross or the fee for each transaction.
I need to know what the fees were for each transaction, but without the gross amount, I don't know how to find out what the 2.9% plus $0.30 would have been.

How do I take the $29.60 and turn it back into $30.79? I tried adding back the $.30, which makes it $29.90, but adding 2.9% of that is obviously not enough. I don't know how to do the reverse math on this.

I hope I make sense. I am sure it's super easy, but I just can't seem to figure it out.

Thanks so much!

Angelica

Is that 30 cents fee - per transaction?

In that case - how many transactions were there?

 

[anjelykah1111]

Let \(P\) be the payment before deductions (gross) and \(N\) be the net payment:

[MATH]P-(0.029P+0.3)=N[/MATH]
Now, let's solve for \(P\):

[MATH]P-0.029P-0.3=N[/MATH]
[MATH](1-0.029)P=N+0.3[/MATH]
[MATH]P=\frac{N+0.3}{1-0.029}[/MATH]
Does this help?

You're awesome! Thank you! Now off to create a formula in my spreadsheet. Thank you!