Extra Practice Question 2 (B) Innes Smith bought an $80,000 Italian sports car with a 20% down payment, and financed the rest with a four year loan at 8% pa, compounded monthly. What is his monthly payment if he starts the payments one month after purchase? a. b. Immediately after the 12th payment, the interest rate rises to 10%pa. i. If he decides to pay out the loan to avoid the higher interest rate, what is the payout amount? ii. If he adjusts his monthly payments so that the loan is still paid out in the original time, what are the new monthly payments