Mr Benard is struggling to repay his loan of $ 400,000 with payments of $ 7,200 made monthly in arrears for 6 years.

(a) Calculate the FLAT RATE OF INTEREST per annum

(b) Hence, or otherwise, calculate the APR of Mr Benard's loan

After exactly one , loan company offers to " help" Mr Benard by restructuring his loan with new monthly payments of $ 4,000 made in arrears

(c) Assuming the company charges the same APR as Mr Benard's original loan. Calculate the term of the new loan

( d) Calculate how much more interest in total Mr Benard will pay on his restructured loan than on his original loan