As to the offsets, 03:5501 is how CPU addresses are referred to. Each ROM bank is $4000, so 03 is 3*$4000 = $C000.
As to 5501, all banks except the first are mapped to address $4000-7FFF in the CPU, so for 5501, $5501-4000 = $1501 bytes from the start of the bank.
So (03 x $4000) + ($5501 - $4000) = $C000 + $1501 = ROM address $D501.