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34.Joe Banks purchased 300 shares of a $42 stock in his margin account.His broker charges $6.00 in commission for an unlimited amount of shares, and
34.Joe Banks purchased 300 shares of a $42 stock in his margin account.His broker charges $6.00 in commission for an unlimited amount of shares, and has a policy of 50% initial margin and 35% maintenance margin.Three days later on settlement day, Joe delivered a check to the broker in the amount of $6.303.One week went by and the stock suddenly fell to $26.00. How much will Joe have to pay in a margin call?
A. $953 B. $983 C. $1,023 D. $1,233 E. $1,523
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