XYZ stock is at $32 per share. Tom wants to buy 200 shares. If the initial margin is 60%, (For each calculation, you MUST show your work to earn ANY credit)

(1) How much money does Tom have to put in to open a margin account and start this trade?

(2) How much can he borrow from the broker?

(3) Suppose 1 month after Tom's purchase of the stock, the stock price becomes $35 per share, what will be his new margin level in his margin account? Assume this stock is the only holding Tom has in the account.