Rick Mendez bought stock for $5,000, using $2,500 of his own money and $2,500 borrowed from the broker. One month later, the stock is sold for $5,650. Interest owed to the broker is $30; brokerage commissions to buy and sell the stock totaled $300. Rates of return: %

12.8%

Step-by-step explanation:

Rate of Return = Profit / Amount spent.

Profit = Selling price - Cost price - Interest - Brokerage commission

= 5,650 - 5,000 - 30 - 300

= $320

Amount spent was $2,500 because this is the amount he spent of his own money.

Return = 320 /2,500

= 0.128

= 12.8%

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