Final answer:
To calculate the total amount of money you will pay back, use the formula Total Amount = Principal + (Principal x Rate x Time). In this case, the total amount would be $6,760.
Step-by-step explanation:
To calculate the total amount of money you will pay back, you need to find the total loan amount including interest. The formula for simple interest is:
Total Amount = Principal + (Principal x Rate x Time)
In this case, the principal is $5,200, the interest rate is 5% (0.05 in decimal form), and the time is 6 years. Plugging these values into the formula:
Total Amount = $5,200 + ($5,200 x 0.05 x 6) = $5,200 + $1,560 = $6,760
So, the total amount of money you will pay back is $6,760.