If I have a cell with Y and anothe with N and need to do a formula to
say if it is Y then that cell s/b $200.00 but if that cell is N then
that cell s/b $0.00 how do I create such a formula?

This tests test A1 for Y or N, returning 200 or 0:
=CHOOSE(FIND(A1,"YN"),200,0)
Format as desired.

To provide for a different value in A1 by error, one might expand this to:
=IF(ISERROR(FIND(A1,"YN")),"Should be Y or N",
CHOOSE(FIND(A1,"YN"),200,0))