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formula for this percentage MB

Discussion in 'Business & Tax Advice' started by gurispopis, Dec 14, 2009.

  1. gurispopis

    gurispopis BANNED BANNED

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    Hi,

    Currently working with moneybookers payment gateway which charges a transaction fee of 2.90% + 0.29
    My question is if they know the formula for this percentage to get my amount, example:

    $ 285 + 2.9% + 0.29 =?

    That operation must be performed to obtain the result.

    Excuse the question but I was very bad at mathematics.

    greetings.
     
  2. oneranger

    oneranger Newbie

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    Not sure what number you are looking for.

    Do you need to know what they are going to take from you when you land a $285.00 transaction? $8.56

    If you need to know what your take will be after $285.00 - that would be $276.44
     
  3. gurispopis

    gurispopis BANNED BANNED

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    Hi,

    I need to know how you got the formula of ($ 8.56)

    $ 285.00 x 2.90 / 100 = $ 8.27 + 0.29 = 8.56 + $ 285 = $ 293.56? is that correct?

    thanks
     
  4. oneranger

    oneranger Newbie

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    This is how I came to that conclusion. Not sure if I'm 100% on this, here goes...

    Calculator - 285.00 - (minus) 2.9(%) (find the % key on the calculator and click it) + .29
     
  5. freaky1718

    freaky1718 Newbie

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    yeah I would think the 29 cents come last because its a fee and not the original amount of the payment.
     
  6. suga051982

    suga051982 Regular Member

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    oneranger, you should have a minus sign (-) in front of the .29. Your formula should look like this:

    Calculator - 285.00 - (minus) 2.9 (%) (find the % key on the calculator and click it) - .29

    That will give you the answer of 276.45.

    Subtract 276.45 from 285 and you get 8.55. thats the amount of the fee MB will charge you.

    Kudos
     
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  7. theWombat

    theWombat Regular Member

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    if their fee is of the $285 you will get $285 x .971 = 276.73-.29 = $276.44

    if you wanna know how mych you need to charge to net 285, its 285/.971 +0.29 = 293.80
     
  8. c0nan

    c0nan Junior Member

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    Let me give you some financial tips I have learned.

    Biggest Mistake Many people make is to assume that +10% and -10% is the same thing.

    Let Me Explain....

    Lets say you buy something for $100 and you wanna sell it,
    so you add 10% profit margin

    10 % of $100 = $10 -(Now That was easy)
    Result: $110

    Now to get the things rolling faster, you decide to
    sell it cheaper for the first month. let say at Cost

    So you subtract the 10% again
    Now according to your thoughts that
    SHOULD still leave you with cost price
    That Should get thing going well

    ahhhh, but wait....what did you really do...
    you took the Final Price: $110 - 10%

    Result:
    10% of $110 = $11
    = $99

    WTF....How can +10% be more than -10%

    The thing is you should take care as to what value you apply the math to,
    as 10% of 100 = 10, BUT 10% of 110 = 11

    This is a simple example, and you might say...This will NEVER catch me...
    Trust me, I have had very complex scenarios, where small mistakes like this
    would have cost me thousands of dollars.

    Rather use the following technique:

    To add 10%

    100 * 1.1 = 110

    To Subtract 10% based on the resulting amount...

    110 / 1.1 = 100

    Good luck
     
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