I've tried solving this several ways and even ask two tutors elsewhere, but we can't seem to match up the answers to this. Thank you. Please help asap.

I.Problems - Show all Work

1.You purchase 600 shares of Jenkins Corporation at $30 per share using an initial margin of 70%.The stock is now selling for $41 per share and you want to use the excess equity in your account to pyramid.You want to purchase 400 shares of Watson Corporation at $122 per share.If the minimum initial margin is 60%, what is the minimum amount of equity that you will have to put up in this transaction?

Correct Answer = $24,840

2.You purchase 500 shares of Richards Incorporated at $50 per share using an initial margin of 60%.Your maintenance margin is 25% and the minimum initial margin is 50%.

A. How low can the stock price fall before you receive a margin call?

Correct Answer = $26.67 per share

B. If the stock price falls to $21 a share, how much additional equity must you add to your account?

Correct Answer = $9,500