Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows: January February March $10,300 4,300 5,300 April May June $10,300 11,300 6,300 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January February March 7% 8 11 April May June 14% 12 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 % If you borrow $7,000 at $500 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) Effective Rate of Interest % % a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments % %