A business is already overdrawn at the bank by $4800. It pays for materials on an invoice of $3000, after a trade discount of $20\%$ and a settlement discount of $5\%$. A cheque for $500 is received from a credit customer. What is the bank balance after these transactions?
- A$2020 overdraft
- B$6580 overdraft
- C$7150 overdraft
- D$7580 overdraft