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

January	$	9,900	April	$	9,900
February		3,900	May		10,900
March		4,900	June		5,900

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

January	8	%	April	15	%
February	9		May	12
March	12		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.)