Question

blake decides to invest in stocks and bonds. he buys 60 shares of a stock priced at $90 per share and $7,000 worth of bonds. the brokerage charges a 2% commission fee on the stock purchase and a 2% fee on the bond purchase. what is the total fee blake must pay? $60 $108 $248 $140

Explanation:

Step1: Calculate stock - purchase amount

The cost of 60 shares at $90 per share is $60\times90 = 5400$.

Step2: Calculate stock - purchase fee

The 2% commission fee on the stock purchase is $0.02\times5400=108$.

Step3: Calculate bond - purchase fee

The 2% fee on the $7000 bond purchase is $0.02\times7000 = 140$.

Step4: Calculate total fee

The total fee is $108 + 140=248$.

Answer:

$248$