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English definition of “prorate”

prorate

verb [T] uk   /prəʊˈreɪt/ us    /proʊ-/
specialized finance & economics to calculate a cost, payment, or price according to the amount of something that has been used, in relation to the fixed rate for a larger total amount: The rental will be prorated if occupancy does not begin on the first day of the month.
prorated
adjective uk   /-ˈreɪ.tɪd/ us  
specialized finance & economics Attendees joining the course later will pay a prorated fee.
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(Definition of prorate from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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