SOLUTION: My customer pays a partial payment on an invoice. The state tax is 5% on the total invoice. I can estimate, and eventually find what the principle should be on the partial payme

Question 618689: My customer pays a partial payment on an invoice. The state tax is 5% on the total invoice. I can estimate, and eventually find what the principle should be on the partial payment, but there must be a formula to do this.
Any help?
Ralph
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

My customer pays a partial payment on an invoice.  The state tax is 5% on the total invoice.  find the principle on the partial payment...

 Dividing the partial payment by 1.05 will generate that principle



Note: P + .05P = 1.05P = Total 

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