(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 por annum with interest paid in advance (diacounted). In addition, Paymaster must maintain a minimum demand deposit with the bank of 8 percent of the loan bolance throughout the torm of the loan. If Paymastor plans to borrow $90,000 for a poriod 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.)