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A house on the market was valued at $261,000. After several years, the value decreased by 15%. By how much did the house's value decrease in dollars? What is the current value of the house?

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SOLUTION

Since the house decreased by 15%, the value of this in dollars becomes

[tex]15\%\times$261,000$\text{ dollars }[/tex]

Which is

[tex]\begin{gathered} \frac{15}{100}\times261,000 \\ =15\times2,610 \\ =39,150 \end{gathered}[/tex]

Hence the house value decreased by $39,150

The current value of the house becomes

[tex]\begin{gathered} 261,000-39,150 \\ =221,850 \end{gathered}[/tex]

Hence the current value is $221,850

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