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The part of the sentence "rate is based on" is correct and usable in written English.
You can use this phrase when referring to a rate that is dependent on a certain factor. For example: "The shipping rate is based on the weight of the package."
Exact(58)
The rate is based on availability.
The basic rate is based on the price stations charge their most favored commercial advertisers.
The US unemployment rate is based on the number of Americans looking for jobs.
A chief invigilator's rate is based on a sliding scale which can reach £60 per half day.
In those transactions, the tax rate is based on the rate of the country where the product originated.
His system – which he claims has an 87% success rate – is based on acceptance and commitment therapy (ACT).
The potential growth rate is based on estimates of future productivity growth and increases in the population.
The overall city rate is based on the deaths of 807 infants and 124,345 live births in 2003.
But that exchange rate is based on a price comparison of all goods and services, across the whole economy.
Simply put, the rate is based on how much it is worth to us now to prevent that future damage.
The base rate is based on Vintage Pullman accommodations, which include a toilet and sink, and upper and lower bunks; a shower room is shared.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com