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Carmens Beauty Salon has estimated monthly financing requirements for the next six months as follows:...

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Finance

Carmens Beauty Salon has estimated monthly financing requirements for the next six months as follows:

January $ 8,800 April $ 8,800
February 2,800 May 9,800
March 3,800 June 4,800

Short-term financing will be utilized for the next six months. Projected annual interest rates are:

January 7 % April 14 %
February 8 May 12
March 11 June 12

What long-term interest rate would represent a break-even point between using short-term financing and long-term financing? (Round your monthly interest rate to 2 decimal places when expressed as a percent. Round your interest payments to the nearest whole cent. Input your answer as a percent rounded to 2 decimal places.)

interest rate:

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