I'm trying to figure out how to make a formula to solve this problem:
Say that you get paid commission based on how much you sell. If you sell anywhere from \$0 to \$5000, you get a commission rate of 8%. If you sell anywhere from \$5000.01 to \$10,000, you get a rate of 10%. Anything above \$10,000 gets a rate of 12%.
The trick comes with how the interest is applied. For example, if you sold $15,000:
the first $5000 gets %8 the second $5000 gets %10 and the third $5000 would get %12
(5000 * 0.08) + (5000 * 0.10) + (5000 * 0.12) = 1500
Is there a way to create a formula for this? Also, I tagged this as linear algebra as I figure the formula will be algebraic, but I don't actually know what to tag this as.