Lizs Health Food Store has estimated monthly financing requirements for the next six months as follows:

January		$9,200	April		$9,200
February		3,200	May		10,200
March		4,200	June		5,200

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

January	6.0%		April	13.0%
February	7.0%		May	12.0%
March	10.0%		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	%	%		$9,200	$
February	%	%		$3,200	$
March	%	%		$4,200	$
April	%	%		$9,200	$
May	%	%		$10,200	$
June	%	%		$5,200	$
					$

Annual interest rate %