A car is purchased on hire-purchase. The cash price is $24 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly installments. Interest is charged at 12% p.a. What is the monthly installment? Choose the correct choice from the following choices:
A) $ 503  B) $ 504  C) $ 555  D) $ 576  E) $ 587

Rationale: "explanation : cash price = $ 24 000 deposit = 10 % ã — $ 24 000 = $ 2400 loan amount = $ 24000 â ˆ ’ $ 2400 number of payments = 60 = $ 21600 i = p * r * t / 100 i = 12960 total amount = 21600 + 12960 = $ 34560 regular payment = total amount / number of payments = 576 answer : d"
Answer: D