You purchase 600 shares of 2nd Chance Co. stock on margin at a price of $28. Your broker requires you to deposit $10,000.
1. What is your margin loan amount? (Do not round intermediate calculations. Omit the "$" sign in your response.) Margin loan $
2. What is the initial margin requirement? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)
Margin requirement %
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