Fred Smith has just purchased a new car valued at $81,700. He paid a 20% deposit and borrowed the remainder from his bank. The terms of his personal loan are a maturity of 5 years, monthly repayments (made at the end of each month) and an interest rate of 12% compounded monthly. How much are Fred's monthly repayments?

a. $1,345.90 b. $1,817.37 c. $1,453.90 d. $1,543.90