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Dexter Construction Corporation is building a student condominium complex; it started construction on January 1, Yeal 1. Dexter b01Towed S2_S million on January 1
Dexter Construction Corporation is building a student condominium complex; it started construction on January 1, Yeal 1. Dexter b01Towed S2_S million on January 1 specificallv for the project by issuing a 10%, S-yar, S2_S million note, which is pavable on December 31 of Year 3. Dexter also had a 12%, 5-year, 53 million note payable and a 10%, 10-vear; Sl_8 million note payable outstanding all year. Calculate the weighted average interest rate on the non-constmction-specific debt for Year 1. Weighted average interest rate?
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