Lizs Health Food Store 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 8.0% April 15.0% February 9.0% May 12.0% March 12.0% June 12.0% Complete the table below and using the data computed, what is the expected annual rate of the short-term financing? Hint: Divide the total interest payments by the total amount of funds extended and multiply by 12. (Round intermediate calculations and final answers to 2 decimal places.) Short-term Financing Month Rate On monthly basis Amount Actual interest amount January 8 % % $8,400 $ February 9 % % $2,400 $ March 12 % % $3,400 $ April 15 % % $8,400 $ May 12 % % $9,400 $ June 12 % % $4,400 $ $ Annual interest rate %