PHP replace string with values from array

Question

I have a string such as:

   Hello <%First Name%> <%Last Name%> welcome

and I have a array

 [0] => Array
    (
        [First Name] => John
        [Last Name] => Smith
    )

What I need to do is take the string and replace the words in <% with the actual text from the array

So my output would be

   Hello John Smith welcome

Im not sure how to accomplish this but I cant even seem to replace it with regular text

$test = str_replace("<%.*%>","test",$textData['text']);

Sorry I should of mentioned that the array keys may vary as well as the <%First Name%>

so it could even be <%city%> and the array can be city=>New York

Answer 1

$array = array('<%First Name%>' => 'John', '<%Last Name%>' => 'Smith');
$result = str_replace(array_keys($array), array_values($array), $textData['text']);