American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. I
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Depreciation is an accounting method for allocating the cost of a tangible or physical asset over its <u>usable life</u>. Depreciation is a term used to describe<u> how much</u> of an asset's worth has been used.
Initial value of the Car = 25,000
Depreciation of the Car= 15% per annum based on net book value
<h3>The computation:</h3>
Note: t = Number of years
As a result, the car's approximate value 5 years after purchase is 11,092.50.
For more information about computing sum, refer below: