Answer:
$2421.76
Explanation:
The monthly payment formula goes thus :
M = P * r(1+r)^n / ((1+r)^n - 1)]
r = 5.4% ; n = 6
We could accurately obtain the monthly payment using a monthly payment calculator
The monthly payment M, obtained = $228.08
Therefore.$228.08 will be repaid monthly (this amount includes the interest paid on the amount borrowed).
The finance charge :
Total amount repaid = monthly payment * number of period
Total amount repaid = $228.08 * (12 * 6) = 16421.76
Finance charge = total. Amount repaid - principal
Finance charge = 16421.76 - 14000
= $2421.76