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18. Andersen Company is constructing a building. Andersen Company borrowed $3,200,000 on January 1 on a 5-year, 12% note to specifically help finance construction of
18.
Andersen Company is constructing a building. Andersen Company borrowed $3,200,000 on January 1 on a 5-year, 12% note to specifically help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $2,200,000 note payable and an 11%, 4-year, $12,000,000 note payable. What is the weighted-average interest rate for general debt?
10.5% | ||
11% | ||
10.85% | ||
10.65% |
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