Answer: To find the price of the 3-year old car, we need to determine how much less it is than the new car, which is 23% of the price of the new car.
We can start by finding the value of 23% of the price of the new car, which is: $12,400 x 0.23 = $2,832
Now we know that the price of the 3-year old car is $2,832 less than the price of the new car. To find the price of the 3-year old car, we subtract $2,832 from the price of the new car: $12,400 - $2,832 = $9,568
So the price of the 3-year old car is $9,568.
Explanation: