A seller grants discounts for partial payments. An invoice for $1,200, dated May 1st, has terms 2/10, 1/15, n/60, and $400 is paid on May 5th, $400 on May 14th, and the rest is paid on June 5th. How much is the balance reduced by the two early payments, and how much is paid on June 5th?

A) The balance is reduced by $60, and $340 is paid on June 5th.
B) The balance is reduced by $70, and $360 is paid on June 5th.
C) The balance is reduced by $80, and $380 is paid on June 5th.
D) The balance is reduced by $90, and $400 is paid on June 5th.