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The Peel Trading Company received an invoice dated September 20 for $16 comma 000 less25%,20%,...

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Accounting

The Peel Trading Company received an invoice dated September 20 for $16 comma 000 less25%,20%, terms5/10,2/30, n/60. Peel made a payment on September 30 to reduce the debt to $5000 and a payment on October 20 to reduce the debt by $3000.
(a)
What amount must Peel remit to pay the balance of the debt at the end of the credit period?
(b)
What is the total amount paid by Peel?

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