Enter the number of hours parked and the hourly rate into the calculator to determine the total cost of parking. This calculator helps you estimate parking expenses over a given duration.
Parking Rate Formula
The following formula is used to calculate the total cost of parking.
TC = HP * RPH
Variables:
- TC is the total cost of parking ($)
- HP is the number of hours parked
- RPH is the rate per hour for parking ($)
To calculate the total cost of parking, multiply the number of hours parked by the hourly rate for parking.
What is Parking Rate?
Parking rate refers to the cost incurred for using a parking space for a certain period of time. Parking rates are typically charged on an hourly basis and can vary depending on the location, time of day, and type of parking facility. Understanding the parking rate is essential for individuals who need to budget for parking expenses or for businesses that manage parking facilities.
How to Calculate Parking Rate?
The following steps outline how to calculate the total cost of parking.
- First, determine the number of hours parked (HP).
- Next, determine the rate per hour for parking (RPH) in dollars.
- Next, gather the formula from above = TC = HP * RPH.
- Finally, calculate the total cost of parking (TC) in dollars.
- After inserting the variables and calculating the result, check your answer with the calculator above.
Example Problem :
Use the following variables as an example problem to test your knowledge.
number of hours parked (HP) = 3 hours
rate per hour for parking (RPH) = $5.00
