Say I want to pay someone $100.00
but the service I use keeps 3% of the payment I make. Meaning they would only receive $97.00
since they would keep $3
. If I increase my payment to $103
they would keep $3.09 meaning they would only receive $
99.91. Is there a formula to calculate the exact extra amount I'd need to pay in order to offset the percentage fee?
(I know this is tagged incorrectly but I can't create tags yet and I didn't see any that fit.)