Answer:
After 1 month, the value of the iPhone will decrease by 8/100 * $1200 = $<<8/100*1200=96>>96.
After 1 year, the value of the iPhone will decrease by 12 * 96 = $<<12*96=1152>>1152.
The iPhone will be worth $1200 - $1152 = $<<1200-1152=48>>48. Answer: 48.