A car is purchased on hire-purchase. The cash price is $23 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly instalments. Interest is charged at 12% p.a. What is the monthly instalment?  Choose the correct choice from the following answers
A) $ 503  B) $ 504  C) $ 515  D) $ 543  E) $ 552

Rationale: "explanation : cash price = $ 23 000 deposit = 10 % ã — $ 23 000 = $ 2300 loan amount = $ 23000 â ˆ ’ $ 2300 number of payments = 60 = $ 20700 i = p * r * t / 100 i = 12420 total amount = 20700 + 12420 = $ 33120 regular payment = total amount / number of payments = 552 answer : e"
Answer: E