men's Beauty Salon has estimated monthly financing requirements for the next six months as follows: January February March $8,500 April 2,500 May 3,500 June 8,500 9,500 4,500 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January February March 9.0% April 1009, May 13.0% June 16.0% 12.0% 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.) Interest rate 1%