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

January	$	9,400	April	$	9,400
February		3,400	May		10,400
March		4,400	June		5,400

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 the monthly interest rate to 2 decimal places when expressed as a percent (e.g., .67%) and use this rounded rate to compute the monthly interest. Round the monthly interest to the nearest whole cent. Use the rounded monthly interest amounts to compute the total interest for the 6-month period. Input your answer as a percent rounded to 2 decimal places.)

Interest rate

%

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