Carmens Beauty Salon has estimated monthly financing requirements for the next six months as follows:...
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Finance
Carmens Beauty Salon has estimated monthly financing requirements for the next six months as follows:
January
$
8,800
April
$
8,800
February
2,800
May
9,800
March
3,800
June
4,800
Short-term financing will be utilized for the next six months. Projected annual interest rates are:
January
7
%
April
14
%
February
8
May
12
March
11
June
12
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:
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