SOLUTION: Houses in Madison's town are losing 11% of their value each year. 1.) Let v be the current value of Madison's house. Write an equation that describes the projected value, p, at

Question 966913: Houses in Madison's town are losing 11% of their value each year.
1.) Let v be the current value of Madison's house. Write an equation that describes the projected value, p, at a time t years from now.
2.) Rewrite your equation to find the effective monthly percentage decrease in value.
Answer by BC17(9) (Show Source): You can put this solution on YOUR website!
v = current value of Maddys house
p = projected value
t = timr
current value minus the 11% lost of value per year = the projected value
v - 11%t = p (REMEMBER TIME IS IN YEARS IF YOU WANT TO CALCULATE FOR A NUMBER OF MONTHS YOU WILL NEED TO / BY 12)
Rewrite equation
Simply 11% divide by 2 = 5.5% decrease per month
therefore
v - 5.5%t = p (REMEMBER TIME IS IN MONTHS IF YOU WANT TO CALCULATE FOR A NUMBER OF YEARS YOU WILL NEED TO * BY 12)
RELATED QUESTIONS
Hello, could someone please help me with a two part problem writing equations? The... (answered by josgarithmetic)

madison and alexa have a combined age of 32. madison is older, and the difference in... (answered by mananth)

Madison and Alexa have a combined age of 32. Madison is older, and the difference in... (answered by Boreal,Edwin McCravy)

madison started a bank account with $200. each year, she earns 5% in interest, which... (answered by addingup)

Madison invested in a certificate of deposit for 4 years at a 6% interest rate. At the... (answered by Boreal)

A political strategist claims that 56% of voters in Madison County support his candidate. (answered by math_tutor2020)

Tripper lives in a house on a straight street. For years, there have been 16 houses on... (answered by mccravyedwin)

Two houses are of equal value. One house was sold for $127000 resulting in a loss of 15%. (answered by KMST)

A political strategist claims that 56% of voters in Madison County support his candidate. (answered by CPhill)