The value of a car is $20,000. It loses 10.7% of its value every year . Find the approximate monthly decrease in value . Round your answer to the nearest tenth.

$178.3

Step-by-step explanation:

The value of a car is $20,000

The car loses 10.7% of its value yearly

Since there are 12 months in a year then 10.7% can be represented as

10.7%/12

= 0.8916%

Therefore the approximate monthly decrease in value can be calculated as follows

= $20,000×0.8916/100

= $20,000×0.008916

= $178.3

Hence the approximate monthly decrease in value is $178.3

The correct answer is True.

Step-by-step explanation:

According to IRS, "If you took an itemized deduction in an earlier year for taxes paid that were later refunded, you may have to include all or part of the refund as income on your tax return. Use Worksheet 2, Recoveries of Itemized Deductions in Publication 525, Taxable and Nontaxable Income to determine the taxable amount of your state or local refunds to report on your tax return."

Taken from irs.gov