Carmens Beauty Salon has estimated monthly financing requirements for the next six months as follows: January $ 8,500 April $ 8,500 February 2,500 May 9,500 March 3,500 June 4,500 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January 9.0 % April 16.0 % February 10.0 % May 12.0 % March 13.0 % June 12.0 %

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.)