Metlock Company borrowed $1,082,890 on March 1 on a 5-year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,243,100 note payable and an 11%, 4-year, $3,364,500 note payable. Compute the weighted-average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, e. g. 7.58%.)
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Metlock Company borrowed $1,082,890 on March 1 on a 5-year, 13% note to help finance construction of...
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