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

January $ 10,100 April $ 10,100

February 4,100 May 11,100

March 5,100 June 6,100

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

January 5 % April 12 %

February 6 May 12

March 9 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.)