Formula to calculate student loan repayments over certain value

**J.Jarvis** · 08-11-2010, 12:02 PM

Hi everyone. I'm sure that some clever sparks here will be able to enlighten me on using a formula for the function I want.

I want to calculate the amount of money I will pay over a certain value.
i.e. Everything over £15000 of my salary will be charged 9% towards student loan repayments.

I was thinking (for cell N3): =IF (D3>15000=D3*0.9) (but this doesnt work)
"D3" is the cell which has my salary in.

I'd really appreciate any help!!

Thank You!

**meyero90** · 08-11-2010, 12:47 PM

hello and welcome to the forum,

would you mind attaching a spreadsheet with dummy data in it to better address your issue.

Thanks

**meyero90** · 08-11-2010, 12:59 PM

Your formula has to be modified because when you mention

(D3>15000=D3*0.9)

..This means they will be taking 90% and not 9% of your salary...So just change it to

(D3>15000=D3*0.09)

.

Here is the FORMULA YOU SHOULD USE:

=IF(D3>15000,D3*0.09,"")

You can also drag down the formula after inserting it in N3

Let me know if you need anything else.

**prisurf** · 08-11-2010, 01:43 PM

Not sure what you mean but try this.

=IF(D3>15000,(D3*1.09)-D3,0)

**J.Jarvis** · 08-12-2010, 05:16 AM

ThankYou for your help.
Unfortunately this doesn't work so I'm sorry for not making myself clear enough.

I want the formula to ONLY take 9% of anything OVER 15000. So for example, If my salary was exactly 20000 then only calculate anything for that 5000 over the 15000. (i.e. 9% of 5000 is 450 out of my salary a year).

Many thanks again.

**meyero90** · 08-12-2010, 08:03 AM

Thanks for the update, there you go:

=IF(D3>15000,(D3-15000)*0.09,"")

hope this works

**J.Jarvis** · 08-12-2010, 03:35 PM

You're a star!! Simple but keeps me happy!
Thanks very much.

**meyero90** · 08-12-2010, 03:52 PM

Thanks man! and remember if you're happy with the solution remember to add to my reputation by clicking on the little scale at the far right of my username.

Glad it works