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The cost of a brand new car was $\$ 35000$ . After a year, its value dropped by $15 \%$ . If sold it at a loss of $\$ 3000$ , how much did I sell the car for?

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Percent of change: word problems

Full solution

Q. The cost of a brand new car was

\$ 35000

. After a year, its value dropped by

15 \%

. If sold it at a loss of

\$ 3000

, how much did I sell the car for?

Calculate Decreased Value: Calculate the value of the car after a $15$ % decrease. $\newline$ Original price: $\$35000$ $\newline$ Percentage decrease: $15\%$ $\newline$ Decreased value = Original price $\times$ $(1 - \frac{\text{Percentage decrease}}{100})$ $\newline$ = $\$35000 \times (1 - 0.15)$ $\newline$ = $\$35000 \times 0.85$ $\newline$ = $\$29750$
Calculate Selling Price: Calculate the selling price after an additional $\$3000$ loss. $\newline$ Decreased value: $\$29750$ $\newline$ Additional loss: $\$3000$ $\newline$ Selling price = Decreased value - Additional loss $\newline$ = $\$29750 - \$3000$ $\newline$ = $\$26750$

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