Sheffield Company is constructing a building. Construction began on February $1$ and was completed on December $31.$ Expenditures were $$1,992,000$ on March $1,$$$1,272,000$ on June $1,$ and $$3,020,740$ on December $31.$

Sheffield Company borrowed $$1,012,250$ on March $1$ on a $5-$year, $12\%$ note to help finance construction of the building. In addition, the company had outstanding all year a $9\%,5-$year, $$2,458,400$ note payable and an $10\%,4-$year, $$3,504,400$ note payable. Compute the weighted$-$average interest rate used for interest capitalization purposes. $($Round answer to $2$ decimal places, e$.$g$.7\mathrm{.}58\%.)$

Weighted$-$average interest rate

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