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 15 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 $80,000 for a period of 3 months, what is the annualized cost of the bank loan? The annualized cost of the bank loan is | |% (Round to two decimal places.) Enter your answer in the answer box and then clhck Check Answer e Windo All parts showing Check Answe