$($Related to Checkpoint $18\mathrm{.}2)($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 $13$ percent per annum with interest paid in advance $($discounted$).$ In addition, Paymaster must maintain a minimum demand deposit

with the bank of $9$ percent of the loan balance throughout the term of the loan. If Paymaster plans to borrow $$90,000$ for a period of $5$ months, what is the annualized cost of

the bank loan?