Ten gave the check of $5768 to the bank for payment.
<h3>What is simple interest?</h3>
Simple interest is calculated based on a loan's principal or the initial deposit into a savings account. Simple interest doesn't compound, so a borrower will never have to pay interest on the interest already accumulated because a creditor will only pay interest on the principal amount.
Formula for simple interest is;-
Simple interest = (principal amount×rate of interest×time duration in years)/100
S.I = (P×R×T)/100
Calculation of the total amount paid by Ted to the bank-
The principal amount is $5,600.
The rate of interest is 9%.
Time duration is 4 months equals 4/12 = 1/3 years.
S.I = (5,600×9×1)/(3×100)
S.I = 168
The simple interest on amount is $168.
Thus, the total amount is S.I + principal amount
Total amount = 168 + 5600
= 5768
Therefore, the total amount paid by the Ted to the bank is $5768.
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