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Carmen’s Beauty Salon has estimated monthly financingrequirements for the next six months as follows: January$9,300April$9,300February3,300May10,300March4,300June5,300Short-term financing will be utilized for the next six months.Projected annual interest rates are: January7%April14%February8May12March11June12What long-term interest rate would represent a break-even pointbetween using short-term financing and long-term financing?(Round your monthly interest rate to 2 decimal places whenexpressed as a percent. Round your interest payments to the nearestwhole cent. Input your answer as a percent rounded to 2 decimalplaces.)_____
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