Pro rata

• Pro rata is a Latin phrase meaning ‘a proportion of’.
  • An example of a Pro Rata payment:
    • A car rental costs £300 for 30 days, but the car is returned after 20 days.
    • A Pro rata payment for the unused 10 days would be:
    • 10 days is one third of 30 days, so one third of £300.
    • Thus a Pro rata repayment would be £100.

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