Question

The value of a car is $23,000. It loses 11% of its value every year. Find the approximate monthly decrease in value. Round your answer to the nearest tenth.

Answer 1

$210.8 monthly.

Explanation:

There are two ways to do this. You can either find out what 11% of $23,000 is by multiplying .11 by $23,000, then subtract this from $23,000 to find the yearly increase, where you can then divide by 12, or you can divide .11 by 12 and then multiply this by $23,000. I did the former and got $210.8 as an answer.