Hunter plans to borrow $5,500 from the bank to purchase a used vehicle. If he borrows the money at a rate of 3% interest for 4 years, what is the total amount he will have to pay back to the bank?

$ 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 =

Hence,  the total amount he will have to pay back to the bank = $ 6160

£56

step-by-step explanation:

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