Question

A house on the market was valued at $364,000. After several years, the value decreased by 7%. By how much did the house's value decrease in dollars? What

is the current value of the house?
Decrease in value
Current house value

Answer 1

The house's value decreased by $25,480 after a 7% drop from its original value of $364,000, bringing the current value of the house to $338,520.

Step-by-step explanation:

To calculate the decrease in the house's value in dollars after a 7% drop, you would multiply the original value of the house by the percentage decrease. The original value of the house is $364,000, and the percentage decrease is 7% or 0.07 when expressed as a decimal. So, you calculate the decrease in value as follows: $364,000 × 0.07 = $25,480.

The current value of the house is then found by subtracting the decrease from the original value: $364,000 - $25,480 = $338,520. Therefore, after the 7% decrease, the house is now valued at $338,520.

Answer 2

Decrease in value = $25,480

Current house value = $338,520

Step-by-step explanation:

First of all, we have to find 7% of $364,000.

To do this we can multiply 364,000 by 7, and then divide the result by 100 (because percentages are pretty much fractions with a denominator of 100).

364,000 × 7 = 2,548,000

2,548,000 ÷ 100 = $25,480 (This is how much the value decreased in dollars)

To find the current house value, you just subtract the value decreased ($25,480) from the original value ($364,000).

364,000 - 25,480 = $338,520

There are other ways to do this, that are easier in other circumstances, but I think this is simplest <3