A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $590,000; March 31, $690,000; June 30, $490,000; October 30, $870,000. The company arranged a 8% loan on January 1 for $880,000. Assume the $880,000 loan is not specifically tied to the construction of the building. The companys other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 12% and 7%, respectively.

Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year.

Note: Enter your answers in whole dollars and not in millions. Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34%).

Date	Expenditure		Weight			Average
January 1	$590,000		12/12		=	$590,000
March 31	690,000		9/12		=	517,500
June 30	490,000		6/12		=	245,000
October 30	870,000		2/12		=	145,000
Accumulated expenditures	$2,640,000					$1,497,500
	Amount		Interest Rate			Capitalized Interest
Average accumulated expenditures	$1,497,500				=
All loans	?			%?	=	?
Construction loan	?			%?	=	?