A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $26 "fee" for a two-week $190 payday loan (when you repay the loan, you pay $216 ). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.) The effective annual interest rate is \%. (Round to two decimal places.) A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $26 "fee" for a two-week $190 payday loan (when you repay the loan, you pay $216 ). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.) The effective annual interest rate is \%. (Round to two decimal places.)