Here is my coding question. I wrote the formula below to calculate up to $150,000:
([210] < 150000) ? (.00575 * [210]) : ([210] > 150000) ? (.00450 * [210]) : ([210] > 250000) ? (.00350 * [210]) : ([210] > 500000) ? (.00275 * [210]) : ([210] > 10000000) ? (.00225 * [210]) : (175)
After the above purchase amount, the required calculations become prorated and more complex. How to write the formula in Formidable to manage all of these variables for purchases above $150k?
Current Premium costs per $1000.00
Up to $150,000 - $5.75 per 1M
$150,000 to $250,000 add $4.50 per 1M
$250,000 to $500,000 add $3.50 per 1M
$500,000 to $10,000,000 add $2.75 per 1M
Over $10,000,000 add $2.25 per 1M
Minimum premium $175
__________
Excel formula example with different variables as an example to show the process used:
Let's say the purchase price is $425,000 (note: percentages in examples are different than ones needed)
The first $150,000 x 6.61 = 991.50
The next 100,000 x 5.18 = 518.00
Then 175,000 x 4.03 = 705.25
$425,000 = 2214.75 total premium
if(a1<=150000,a1*0.00661,if(a1<=250000,(a1-150000)*0.00518+991.5,if(a1<=500000,(a1-250000)*0.00403+1509.5,if(a1<=10000000,(a1-500000)*0.00316+2517,if(a1>10000000,(a1-10000000)*0.00259+32537)
Please login or Register to submit your answer