anceLab Homework: gem < Question 6, P18-7 (similar to) > HW Score: 45.24%, 18.1 of 40 points O Points: 0 of 4 Save (Related to Checkpoint 18.2) (Estimating the cost of bank credit) Paymaster Enterprises has arranged to finance its seasonal working-capital needs with a short-term bank loan. The loan will carry a rate of 14 percent per annum with interest paid in advance (discounted). In addition, Paymaster must maintain a minimum demand deposit with the bank of 8 percent of the loan balance throughout the term of the loan. If Paymaster plans to borrow $90,000 for a period of 2 months, what is the annualized cost of the bank loan? The annualized cost of the bank loan is %. (Round to two decimal places.)