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Marin Company is constructing a building Construction began on February 1 and was completed on...

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Accounting

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Marin Company is constructing a building Construction began on February 1 and was completed on December 31 Expenditures were $1,860,000 on March 1. $1.260,000 on June 1, and $3,016,770 on December 31 Marin Company borrowed $1.198,000 on March 1 on a 5-year, 12% note to help finance construction of the building In addition, the company had outstanding all year a 9%.5-year. $2,088.000 note payable and an 10%, 4-year. $3,308,700 note payable Compute the weighted average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, eg. 7.58%) Weighted-average interest rate

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