PIL import Image

Load and display the image to inspect it

image_path = '/mnt/data/1732675621180z7psm5mq.jpg' image = Image.open(image_path) image.show()It seems like the image has been uploaded. Let me now process it pytesseract

Use pytesseract to extract text from the image

extracted_text = pytesseract.image_to_string(image) extracted_textThe image contains a financial problem related to the calculation of the cash price of a car. Here's the extracted text:

Problem: The cash value or cash price of a purchase is equal to the down payment (if there are any) plus the present value of the installment payment.

Example 4: Kurt paid #130,000 as a down payment for a car. The remaining amount is to be settled by paying at the end of each month #26,547.57 for five years. If the interest rate is 12.5% compounded monthly, what is the cash price of the car?

Solution Outline:

To solve this, we can use the present value formula for an annuity, since Kurt will make equal monthly payments over five years:

The present value $PV$ of an annuity is given by:

$PV = P \times \frac{1 - (1 + r)^{-n}}{r}$

Where:

• $P$ is the monthly payment (#26,547.57),
• $r$ is the monthly interest rate (12.5% annual interest compounded monthly, so $r = \frac{12.5\%}{12} = 0.0104167$),
• $n$ is the total number of payments (5 years × 12 months = 60 months).

The total cash price of the car is the sum of the down payment and the present value of the installment payments.

Would you like me to proceed with calculating the total cash price of the car,