Carmen Salons

Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows January February March $ 8,600 April 2,600 May 3,600 June $ 8,600 9,600 4,600 Short-term financing will be utilized for the next six months. Projected annual interest rates are January February March 596 April May 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