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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?

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

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Full solution

Q. The cost of a brand new car was $35000 \$ 35000 . After a year, its value dropped by 15% 15 \% . If sold it at a loss of $3000 \$ 3000 , how much did I sell the car for?
  1. Calculate Decreased Value: Calculate the value of the car after a 1515% decrease.\newlineOriginal price: $35000\$35000\newlinePercentage decrease: 15%15\%\newlineDecreased value = Original price ×\times (1−Percentage decrease100)(1 - \frac{\text{Percentage decrease}}{100})\newline= $35000×(1−0.15)\$35000 \times (1 - 0.15)\newline= $35000×0.85\$35000 \times 0.85\newline= $29750\$29750
  2. Calculate Selling Price: Calculate the selling price after an additional $3000\$3000 loss.\newlineDecreased value: $29750\$29750\newlineAdditional loss: $3000\$3000\newlineSelling price = Decreased value - Additional loss\newline= $29750−$3000\$29750 - \$3000\newline= $26750\$26750

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