A payday loan is structured to obscure the true interest rate you are paying. For? example, in? Washington, you pay a $ 28$28 ?"fee" for a? two-week $ 220$220 payday loan? (when you repay the? loan, you pay $ 248$248?). What is the effective annual interest rate for this? loan? ?(Assume 26? bi-weekly periods per? year.)