Bob Newsome purchased 250 shares of the Northern Lights Growth Fund. The purchase cost was $30 per share. If this fund charges a 3 percent load, what is the commission amount he will pay the investment company?

Question

Quizplus · Accepted Answer

The commission amount is calculated as 3% of the total purchase cost. The total purchase cost is 250 shares * $30 = $7500. Therefore, the commission is 3% of $7500, which is $225.

Bob Newsome Purchased 250 Shares of the Northern Lights Growth