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. In Problem express the annual interest rate as a percentage, rounded to the nearest integer.

In Illinois, charges on a payday loan may not exceed $15.50 per $100 borrowed. Find the annual interest rate if $400 is borrowed for 13 days at the maximum allowable charge.