Question

ASAPPP

Answer 1

The interest she would pay is $694.40.

What is simple interest?

Simple interest rate is the interest that is paid only on the principal portion of a loan. This means that the debtor does not pays interest on the interest rate already accrued.

What interest does she pay?

Simple interest = principal x time x interest rate

$6200 x 4 x 0.028 =  $694.40.

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