Enter the monthly vehicle rate ($/month), the insurance rate per day ($/day), and the length of rental (days) into the calculator to determine the Auto Rent.
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Auto Rent Formula
The following formula is used to calculate the Auto Rent.
AR = (VHR / 30 + IR) * LR
- Where AR is the Auto Rent ($)
- VHR is the monthly vehicle rate ($/month)
- IR is the insurance rate per day ($/day)
- LR is the length of rental (days)
How to Calculate Auto Rent?
The following example problems outline how to calculate Auto Rent.
Example Problem #1
- First, determine the monthly vehicle rate ($/month). In this example, the monthly vehicle rate ($/month) is given as 1500 .
- Next, determine the insurance rate per day ($/day). For this problem, the insurance rate per day ($/day) is given as 30 .
- Next, determine the length of rental (days). In this case, the length of rental (days) is found to be 60.
- Finally, calculate the Auto Rent using the formula above:
AR = (VHR / 30 + IR) * LR
Inserting the values from above yields:
AR = (1500 / 30 + 30) * 60 = 4800 ($)
Example Problem #2
The variables needed for this problem are provided below:
monthly vehicle rate ($/month) = 500
insurance rate per day ($/day) = 20
length of rental (days) = 10
Entering these values and solving gives:
AR = (500 / 30 + 20) * 10 = 366.66 ($)
