Payday loans are small, short$-$term loans that help the borrower get by until his or her next paycheck. Such loans are coming under increasing government scrutiny in many states. According to the Center for Responsible Lending: Payday loans are small cash advances, usually of $$500$ or less. To get a loan, a borrower gives a payday lender a postdated personal check or an authorization for automatic withdrawal from the borrowers bank account. In return, he receives cash, minus the lender's fees. For example, with a $$300$ payday loan, a consumer might pay $$50$ in fees and get $$250$ in cash. The lender holds the check or electronic debit authorization for a week or two $($usually until the borrower's next payday$).$ At that time, the borrower has the option of $(1)$ paying back the $$300$ in exchange for the original check, $(2)$ letting the lender deposit the check for $$300,$ or $(3)$ renewing or rolling over the loan, if he is unable to repay it$.$ If a loan amount of $$250$ is received at t$=0,$ and is repaid with a single payment of $$300$ at t$=2$ weeks. What is the effective annual interest rate?