A flower shop owner wants to pay off the loan on a used delivery van that was purchased 11 months ago. The 2-year installment plan used to purchase the van included a $280 finance charge and called for payments of $230 monthly. What amount is needed to pay off the loan?

Well, it seems like the flower shop owner really "rose" to the occasion by getting a used delivery van! Now, let's crunch some numbers and "petal" towards the answer.

Since the installment plan was for a 2-year period, which is 24 months, that means there are 24 total payments. Each payment is $230, so if we multiply that by 24, we get a total of $5,520 in payments.

Now, remember that the finance charge was $280. If we add that to the total payments, we get $5,520 + $280 = $5,800.

Therefore, the amount needed to pay off the loan is $5,800. "Bloom-tastic!"

To determine the amount needed to pay off the loan, we need to consider the total number of payments made and the remaining number of payments.

Since the van was purchased 11 months ago, the total number of payments made so far would be 11.

The total number of payments in the 2-year installment plan would be 2 years x 12 months = 24 months.

Therefore, the remaining number of payments would be 24 - 11 = 13 months.

To calculate the remaining loan amount, we need to subtract the finance charge from the total amount borrowed.

Given that the monthly payment is $230, we can calculate the total amount borrowed by multiplying the monthly payment by the total number of payments:

$230 x 24 months = $5520

Next, we subtract the finance charge from the amount borrowed:

$5520 - $280 = $5240

Since there are 13 remaining months, we multiply the monthly payment by the remaining number of payments:

$230 x 13 months = $2990

Finally, we subtract the remaining payment amount from the loan balance:

$5240 - $2990 = $2250

Therefore, the amount needed to pay off the loan is $2250.

To find the amount needed to pay off the loan, we need to calculate the remaining balance.

Since the loan was purchased 11 months ago on a 2-year installment plan, there are 24 total months for the loan.

To calculate the remaining balance, we need to find the number of months left on the loan. Subtract 11 from 24 to get the remaining loan term, which is 13 months.

Next, we need to calculate the principal amount of the loan. The monthly payment of $230 includes a portion of principal and interest. To find the principal portion, we subtract the finance charge from the total amount paid.

Finance charge: $280
Total amount paid: $230 x 11 months = $2,530

Principal amount = Total amount paid - Finance charge
Principal amount = $2,530 - $280 = $2,250

Now, we can calculate the remaining balance by multiplying the monthly payment by the remaining loan term:

Remaining balance = Monthly payment x Remaining months
Remaining balance = $230 x 13 = $2,990

Therefore, the amount needed to pay off the loan is $2,990.