Most processors have a 32x32 -> 64 integer multiplication routine, and with this you only need to keep the upper 32 bits of the result and you're done.
(I'm taking shortcuts in the description, but this is quite close to what needs to be done).
On 88100, integer multiply costs 3 cycles. Even with some overhead to compute the result after this multiply, this will still run circles around the DIV logic. 2/n