The Peel Trading Company received an invoice dated September 20 for $16,000 less 25%, 20%, terms 5/10, 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.

1. What amount must Peel remit to pay the balance of the debt at the end of the credit period?
2. What is the total amount paid by Peel?

(a) The amount Peel must remit to pay the balance of the debt at the end of the credit period is $ 2000.

(Round to the nearest cent as needed.)

(b) The total amount paid by Peel is $ (Round to the nearest cent as needed.)