To calculate the cashback percentage:
\[ CB\% = \left(\frac{CE}{PA}\right) \times 100 \]
Where:
Cashback refers to a credit card benefit that refunds the cardholder a small percentage of the amount spent on purchases. Cashback rewards are actual cash that can be applied to a credit card bill or received as a check or bank account deposit. It’s a way to earn back some of the money you spend.
Example 1: If you earned $20 in cashback from a purchase amount of $200:
Using the formula:
\[ CB\% = \left(\frac{20}{200}\right) \times 100 = 10\% \]
So, the cashback percentage is 10%.
Example 2: If you earned $15 in cashback from a purchase amount of $300:
Using the formula:
\[ CB\% = \left(\frac{15}{300}\right) \times 100 = 5\% \]
So, the cashback percentage is 5%.