Prorating monthly fees
May 2, 2012 11:06 AM Subscribe
What is the right way to calculate daily rate for monthly charges?
With something that is charged monthly, like rent or a phone bill or a gym membership, when you need to pro-rate it for a partial month, how do you calculate the right daily rate? There is a different number of days in different months, so it's not a straightforward calculation. Is there some generally accepted way to figure this? Ignoring leap years, there's an average of 30.42 days per month, is dividing by that the right thing to do?