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 Louisiana, charges on a payday loan may not exceed 16.75% of the amount advanced. Find the annual interest rate if $350 is borrowed for 14 days at the maximum allowable charge.