87 supra knocking

Hi someone please help me

I bought this 87 toyota supra 2 weeks back
it was running smooth and sounded that
the engine was excellent. After i drove
around 40 miles the power steering
had a cranking noise when i tried to move the
car in a parked position it also was emitting
some smoke. The mechanic i took it too
put stop smoke in the engine and some block seal,
then when i took it on the freeway it was not ready ]
to go beyond 50mph and moreover there was this knocking
sound coming ..i couldnt figure out if it was from the engine
or somewhere else. moreover when i opened the hood
there was a brunt rubber smell emitting.
i some how got it off the freeway and let it lie for sometime
but the knocking sound it prominently coming...
im wondering wat it could be?'
dont know how much more i have to spend///

This is exactly what happened to my last engine. I spun a rod and had to scrap my block because I carved a replica of the grand canyon into the cylinder wall. Wow,that really sucks bro. It brings back horrible memories. Good luck with that. Take it as a chance to upgrade the engine. Keep the car and stay supra.