» Dividing an Amount into Equal Payments While Avoiding Division / Rounding Errors

Problem:

The price in cell B1 must be divided accurately into 5 similar payments.
When simply dividing the price $48.04 by 5 and rounding the result to two decimal places, we get individual payments of $9.61.
However, this would add up to a total payment of $48.05, which is not the exact amount we started with.
Therefore, we want to calculate 5 similar numbers that add up to the total amount.

Solution:

Step 1:
Calculate the first payment by dividing the price by 5 and rounding the result.
Use the ROUND function in the following formula:
=ROUND(B1/5,2)

Step 2:
Calculate each remaining payment.
Use the ROUND, SUM, and ROW functions in the following formula:
=ROUND(($B$1-SUM($B$2:B2))/(5-ROW()+ROW($B$2)),2)
Screenshot // Dividing an Amount into Equal Payments While Avoiding Division / Rounding Errors