Excel Corp. needs temporary funds amounting to $600,000 to support the seasonal bulge of its inventories for the next 3 months. It plans to obtain this source of finance from a bank offering loans to corporate organizations at a discounted annualized rate of 12%. However the bank requires borrowing clients to maintain an account with them amounting 20% of the principal amount loaned. Excel Corp. belongs to the 30% tax bracket. What is the annual percentage cost of this arrangement with the bank