A payday loan is a short-term loan that is repaid on the next payday, often by giving the lender electronic access to a personal checking account. some states have statutes that regulate the fees that may be charged for payday loans. suppose that, in a certain state, finance charges on a payday loan may not exceed 18.1% of the amount advanced. find the annual interest rate if $700 is borrowed for 12 days at the maximum allowable charge. the annual interest rate is %. (round to the nearest percent as needed.)
