Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows:

January$8,600 April$8,600 February2,600 May9,600 March3,600 June4,600

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

January5% April12% February 6%May12%March9%June12%

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.)