How do I use IFS to conditionally apply a percentage?

I'm trying to create a formula that would charge a % to a column depending on another column

Ex. If Column I2 ="Finance" then Multiply Column R2 to K2
OR If Column I2 ="No" then Multiply Column R2 to F2

This is what I have so far:

=ifs(I2"Financing",K2* 0.04,I2"No",F2* 0.04)

Solution

You were just missing the = in your conditionals.

In order to check whether a cell I2 is equal to a value "Finance", you need to use I2 = "Finance" as below:

=ifs(I2="Finance", K2*R2, I2="No", F2*R2)