I need to first compare 15% of Gross Pay to a flat amount of $114.75. If 15% of Gross Pay is greater than $114.75, then use $114.75. If 15% of Gross Pay is less than or equal to $114.75, then use 15% of Gross Pay. Here is the formula I have so far that isn't calculating right. Right now, if the Loan Deduction is less than $114.75, then it uses 15% of Gross Pay. That isn't correct.
IF((0.15 * GROSS PAY (PR CHECK)) > 114.75, 114.75, (0.15 * GROSS PAY (PR CHECK)))
Any ideas for me?