Milly is planning to borrow $30,000 to remodel her kitchen. She contacted several loan companies, and she is comparing two different options. Company 1 offeres an interest rate of 4.5%.

Company 2 offers an interest rate of 7.4%.

Both loan options involve simple interest and must be repaid in exactly 4 years. How much more will Milly pay in interest if she chooses to borrow the money from Company 2?

a
$8,880
b
$5,400
c
$1,920
d
$3,480