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

January	$ 8,400	April	$ 8,400
February	2,400	May	9,400
March	3,400	June	4,400

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?

Note: 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.