Suppose you purchase 500 shares of AAPL at $318. Initial margin is 60%. Maintenance margin is 35%. Answer the following questions:

1. How much money do you borrow with the initial transaction?
2. If AAPL stock rises to $347, calculate YOUR holding period return.
3. How far would AAPL stock have to fall for you to receive a margin call?
4. If your broker charges a call loan rate of 8%, how does that change your answer for c? (assume the price drop occurs in 1 year).