SwiftyCompany is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,076,000on March 1, $1,224,000on June 1, and $3,076,600on December 31.

SwiftyCompany borrowed $1,155,090on March 1 on a5-year,12% note to help finance construction of the building. In addition, the company had outstanding all year a9%,5-year, $2,376,900note payable and an10%,4-year, $3,397,000note payable. Compute the weighted-average interest rate used for interest capitalization purposes.

Swifty Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,076,000 on March 1, $1,224,000 on June 1, and $3,076,600 on December 31. Swifty 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, e.g. 7.58%.) Weighted-average interest rate %