SOLUTION: A home purchased for $300,000 depreciated 8% over a 1-year period. What was the value of the home after at the end of the year?

Question 98419: A home purchased for $300,000 depreciated 8% over a 1-year period. What was the value of the home after at the end of the year?
Found 2 solutions by jim_thompson5910, checkley71:
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
When something decreases in value, you simply subtract that percentage of the original value off of the original value

In other words, we do this

300,000-(8%)(300,000).......Subtract 8 percent of 300,000 from 300,000

300,000-(0.08)(300,000)....Rewrite 8% as 0.08

300,000-24,000..................Multiply

276,000...........................Subtract

So the house is now worth $276,000
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
300,000*.92=$276,000 answer.
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