A car is purchased on hire-purchase. The cash price is $22 000 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 answers
A) $ 503  B) $ 504  C) $ 515  D) $ 528  E) $ 537

Rationale: "explanation : cash price = $ 22 000 deposit = 10 % ã — $ 22 000 = $ 2200 loan amount = $ 22000 â ˆ ’ $ 2200 number of payments = 60 = $ 19800 i = p * r * t / 100 i = 11880 total amount = 19800 + 11880 = $ 31680 regular payment = total amount / number of payments = 528 answer : d"
Answer: D