You opened a margin account with a local brokerage firm. The initial margin is 60% and the maintenance margin is 30%. You bought 1000 shares of XYZ at $80 /share on the margin.

1) What are the initial equity position and loan balance?

2. How far can the price go down before you receive a margin call?

3. If the price dropped suddenly to $45. How much cash should be added to the account to restore the margin?