$/hour
%
$

How to Calculate Tool Rental Costs?

To calculate the cost of renting tools, you can use this straightforward formula:
Total Cost = Rental Rate × Rental Duration – Discounts

  1. Rental Rate: Cost per hour of renting the tool.
  2. Rental Duration: Total hours or days the tool will be rented.
  3. Discount: Percentage discount applied to the total rental cost.

Example: Estimating Tool Rental Costs

Suppose you need a power drill:

  • Rental rate: $15/hour
  • Rental duration: 3 days (converted to 72 hours)
  • Discount: 10%

Calculation:

  1. Rental cost before discount: $15 × 72 = $1,080
  2. Discount: 10% of $1,080 = $108
  3. Final total cost: $1,080 – $108 = $972