Calculation of margin, Phoenix Trader opens a brokerage

Calculation of margin

Reference no: EM1360398

Phoenix Trader opens a brokerage account and purchases 600 shares of Widget Company at $50 per share. He borrows $6,000 from his broker to help pay for the purchase. The interest rate on the loan is 8%. What is the margin in Phoenix's account when he first purchases the stock?

Reference no: EM1360398

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