Using the information included above from the Iowa Code, as well as information included in the Payday Lending PPT included in the Module, calculate the maximum fee that a payday lender in Iowa can charge on a $500 payday loan for a term of 14 days. Please use the steps included below to calculate the annual percentage rate (APR) of a loan with a term of one year or less as developed by the Federal Reserve Bank of St. Louis.

\begin{tabular}{|l|l|} \hline Payday loan balance & Maximum fee calculation \\ \hline$100 & \\ \hline$200 & \\ \hline$300 & \\ \hline$400 & \\ \hline$500 & \\ \hline Penalty & \\ \hline Step 1: Add all fees and interest charges to calculate total fees & \\ \hline Step 2: Divide the total fees by the amount financed (borrowed) & \\ \hline Step3:Multiplytheanswerbythenumberofdaysinayear-365 & \\ \hline Step4:Dividetheanswerbythetermoftheloanexpressedindays & \\ \hline Step5:Movethedecimalpointtwoplacestotherightandaddapercentsign & \\ \hline \end{tabular}