The interest she would pay is $694.40.
<h3>What is simple interest?</h3>
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.
<h3>What interest does she pay? </h3>
Simple interest = principal x time x interest rate
$6200 x 4 x 0.028 = $694.40.
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