Need a little help

[Beltian]

Hello everyone,

I am trying to figure out how to find the value to add to a value for a fee on a payment.


For instance, if I want to charge someone $100 and there is a fee to the payment of 2.75% ($2.75). then what when added to 100 - 2.75% would = 100?


(100 + x) - 2.75% = 100

is what I thought would be the problem, however it does not give me to correct calculations.


Any help would be greatly appreciated.

 

[Beltian]

Close, but what I am trying to find out is what extra amount would I have to add in order to reach the original price.

Basically to charge the buyer the price plus the fee, and nothing more.

So if they buy something that costs $100 then what amount would I have to add to the price as a fee for the transaction so that it would still come out to $100 profit.

Please let me know if you still do not understand and I will try to explain further.


Edit:


If this helps any;

I am using the site squareup.com to accept credit card payments, and they charge a 2.75% fee for the service.

 

[Deleted member 4993]

Hello everyone,

I am trying to figure out how to find the value to add to a value for a fee on a payment.


For instance, if I want to charge someone $100 and there is a fee to the payment of 2.75% ($2.75). then what when added to 100 - 2.75% would = 100?


(100 + x) - 2.75% = 100

is what I thought would be the problem, however it does not give me to correct calculations.


Any help would be greatly appreciated.

Let's assume:

You charged = P dollars

Service fee = P * 2.75/100

Then you want:

P - P*0.0275 = 100

P = 100/0.9725

P = 102.8278 = 102.83

Service charge = 102.83 * 0.0275 = 2.827825 = 2.83

Hence you'll have (102.83 - 2.83 =) $100 with you - after paying the service charges.