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$$ addition, Paymaster must maintain a minimum demand deposit with the bank of $7$ percent of the loan balance throughout the term of the loan. If Paymaster plans to borrow $$$$120,000$ for a period of $3$months$,$ what is the annualized cost of the bank$$ loan?