Monty Company is constructing a building Construction began on February 1 and was completed on December 31. Expenditures were $2,076,000 on March 1, 51,224,000 on June 1, and $3,076,600 on December 31. Monty Company borrowed $1,155,090 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, $2,376,900 note payable and an 10%, 4-year, $3,397,000 note payable. Compute the weighted average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, s. 7.58%.) Weighted average interest rate