A house on the market was valued at
$262,000
. 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: $
Decrease in value: $18,340
Current house value: $243,660 ($262,000 - $18,340)
To find the decrease in value of the house, we need to calculate 7% of the original value, $262,000.
Decrease in value = 7% of $262,000
To calculate this, we need to convert 7% to a decimal by dividing it by 100:
7% = 7/100 = 0.07
Now, we can find the decrease in value:
Decrease in value = 0.07 * $262,000
Decrease in value = $18,340
Therefore, the house's value decreased by $18,340.
To find the current value of the house, we subtract the decrease in value from the original value:
Current house value = $262,000 - $18,340
Current house value = $243,660
Therefore, the current value of the house is $243,660.