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 ($/day)
- LR is the length of rental (days)
To calculate the auto rent, divide the monthly vehicle rate by 30, add the insurance rate per day, then multiply this result by the length of the rental.
How to Calculate Auto Rent?
The following example problems outline how to calculate Auto Rent.
Example Problem #1
- First, determine the monthly vehicle rate ($/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 ($)
