13. The margin requirement on a stock purchase is 25%. You fully use the margin allowed to purchase 100 shares of MSFT at $25. If the price drops to $22, what is your percentage loss?

A. 9%

B. 15%

C. 48%

D. 57%

14. Purchases of new issues of stock take place _________.

A. at the desk of the Fed

B. in the primary market

C. in the secondary market

D. in the money markets