Hi all,

I need help please! I have to create a formula that will calculate a premium for a long term disability self-bill. I was given the following instructions:
LTD Calculation Steps:
1. Maximum Monthly Benefit / Benefit Percentage = Maximum Insurable Salary
2. Annual Salary / 12 = Volume
3. Cap volume at the Maximum Insurable Salary if applicable
4. Premium Due = Volume X Rate / $100

Below is the legend from the terms of our policy.
LTD: Class 1: All EEs Earning $50K+ & Working 30+ Hrs./Wk
Class 2: All EEs Earning < $50K & Working 30+ Hrs./Wk
Benefit: 60%
Max Benefit: Class 1: $10,000
Class 2: $2,778

I have 2 classes as you can see, and in my excel sheet I am using column K that lists all the annual salaries to refer to. I am definitely out of my league here and any help on the proper formula to calculate this premium would be so greatly appreciated!

Thank you!