Answer: $ 6160
Step-by-step explanation:
Total money he will pay back = Principal + Interest
Simple interest = Principal x Rate x Time
i.e. Total amount need to pay = Principal + (Principal x Rate x Time)
= Principal (1+ Rate x Time)
Given: Principal = $5,500, Rate = 3%=0.03 , Time = 4 years
Total amount need to pay = [tex]5500(1+(0.03)(4))[/tex]
[tex]= 5500(1+0.12)\\= 5500(1.12)\\=\$6160[/tex]
Hence, the total amount he will have to pay back to the bank = $ 6160
