SoulEyes Photography
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URGENTLY NEED MATHS HELP have a quiz to do!?

A young photographer took out a loan of $5,337 to buy a digital SLR camera and computing equipment. Payments were due to be made at the end of each month for 36 months with interest charged at a rate of 8.2% compounded monthly. After 20 payments were made the photographer experienced financial difficulties and missed the next six payments. If interest continued to be charged during this period how much did he owe at the end of month 26?

This is the working out i got for the question, but i dont know where the 167.74 came from? Someone tell me or show me proper working out!
5337 (1.00683)^20 - 167.74 (1.00683^20 - 1) / 0.00683

Answer is: 2639.76

If this is for a take-home quiz, I suggest you delete the question as soon as you get an answer. It's a rather specific question, and your teacher might Google it to see if anyone tried to get outside help. :)

5337/36 (each payment)
148.25 is each payment x 1.082 = 160.4065 (with interest)
assuming the payments compile and interest is added for each you should ge after one missed mont
160.4065
after 2 160.4065 x 2 x 1.082 = 347.11966
Then continue this patern last week times 2 time interest(x 1.082 ) and u will get the answer... that how i would do it

1 month he had to pay $5337/36 + 5337/36 * 8.2 % =$160.40
therefor 20th months he had to pay $3208.13
21th month he need to pay 160.40
22th month he need to pay 160.40+148.25(5337/36) *8.2% +160.40+148.25=334.05
therefor on 26th month he need to pay =???

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