A house on the market was valued at $354,000 . After several years, the value decreased by 16% . By how much did the house's value decrease in dollars? What is the current value of the house?

Question

Decrease in value:

Current house value:

Answer 1

To calculate the decrease in value of the house, we first need to find 16% of the original value, which is $354,000.

Step 1: Calculate the decrease in value.

Decrease in value = Original value × Percentage decrease
= $354,000 × 0.16
= $56,640

Step 2: Calculate the current value of the house.

Current value = Original value - Decrease in value
= $354,000 - $56,640
= $297,360

Answers:

• Decrease in value: $56,640
• Current house value: $297,360