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Paymaster Enterprises

Paymaster 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 ​$90,000 for a period of 6 ​months, what is the annualized cost of the bank​ loan?

The annualized cost of the bank loan is ______​%. ​(Round to two decimal​ places.)

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