The Auction Final Amount Calculator computes the total amount owed in an auction based on the bid price, a buyer's premium percentage, and an optional tax rate. This tool provides clear breakdowns of the buyer's premium amount, tax amount, and final cost, making it ideal for auction budgeting and financial clarity.
Bid Price: $1000 Buyer's Premium: 10% Tax: 8%
1000 * (10 ÷ 100) = 100
Buyer's Premium Amount: $100.00
Add this to the bid price:
1000 + 100 = $1100
Calculate the 8% taxes:
1100 * (8 ÷ 100) = 1100 * 0.08 = 88
Tax Amount: $88.00
1100 + 88 = 1188
Final Amount: $1188.00
This calculator is essential for understanding total auction costs, especially when premiums and taxes are involved. It provides transparency and ensures accurate financial planning.