What is the total amount paid by peel, Managerial Accounting

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What is the total amount paid by peel

Problem

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?

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Managerial Accounting: What is the total amount paid by peel

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Managerial Accounting: What is the total amount paid by peel

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