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Suppose you purchase 1000 shares of XYZ common stock at $80 per share, financing most of the purchase with your own funds and borrowing

Suppose you purchase 1000 shares of XYZ common stock at $80 per share, financing most of the purchase with your own funds and borrowing the rest of the necessary funds. If your initial margin is 60% and your broker has set a maintenance margin at 50%, answer the following questions. What is the loan balance?

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