Mr John Smith takes out a $45,000 car loan at 4% annual interest to be repaid over 4 years (48 equal installments).

On the third day of month 14 the loan rate is reduced to 3.5%.

Mr Smith is again lucky because on the tenth day of month 35 the loan rate is reduced to 3.0%

Calculate how much interest Mr Smith has paid at the various rates (including the mixed monthly rates when the rate changes take place).

Also calculate the TOTAL INTEREST paid over the entire duration of the loan repayment [35]