aymaster Enterprises has arranged to finance its seasonal working - capital needs with a short - term bank loan. The loan will carry a rate

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aymaster Enterprises has arranged to finance its seasonal$$ working$-$capital needs with a$$ short$-$term bank loan. The loan will carry a rate of $12$ percent per annum with interest paid in advance$($discounted$).$ In$$ addition, Paymaster must maintain a minimum demand deposit with the bank of $11$ percent of the loan balance throughout the term of the loan. If Paymaster plans to borrow $$$$80$ comma $000$ for a period of $6$months$,$ what is the annualized cost of the bank$$ loan?