Question

a car cost $20,000 when it was purchased. the value of the car depreciates by 8% each year. find the rate of decay each month.

Answer 1

8% -> 12 month

x -> 1 month


x = 1 * 8/12 = 0.67 %

Answer 2

Hi there

the rate of decay each month
0.08÷12months=0.00667
0.00667×100=0.667% each month

Hope it helps