Mr. Banda is struggling to repay his loan of K300,000 with payments of K6,200 made monthly I arrears for 5 years.

(a) calculate the flat rate of interest per annum.

(b)hence or otherwise, calculate the APR of Mr. Banda's loan.

After exactly one year, a loan company offers to 'help' Mr. Banda by restructuring his loan with new monthly payments of K3,000 made in arrears.

(c) assuming the company charges the same APR as Mr. Banda's original loan, calculate the term of the new loan.

(d) calculate how much more interest in total Mr. Banda will pay on his restructured loan than on his original loan.