The formula to calculate the daily rent is:
\[ \text{Rd} = \frac{\text{Rm} \times 12}{365} \]
Where:
Daily rent is the amount of rent paid per day, calculated by converting the monthly rent into a daily rate. This calculation is useful for determining the cost of short-term stays or prorating rent for partial months.
Let's consider an example:
Using the formula to calculate the daily rent:
\[ \text{Rd} = \frac{1,200 \times 12}{365} \approx 39.45 \text{ dollars per day} \]
This means that the daily rent for this scenario is approximately $39.45 per day.