Question

Zoe buys a new car that is valued at $24,000. The car will depreciate at

a rate of 1% per month. What is the value of the car after 6 months?

Answer 1

120

Explanation:

Principal = 24,000

Rate = 1%

Time = 6 months = 0.5

Simple Interest = 24000×1×0.5 ÷ 100

= 120