Waterway Industries is constructing a building. Construction began on January 1 and was completed on December 31.
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Question:
Waterway Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6460000 on March 1, $5270000 on June 1, and $7950000 on December 31. Waterway Industries borrowed $3230000 on January 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%,
3-year, $6360000 note payable and an 11%, 4-year, $12350000 note payable.
To which amount is the avoidable interest for Waterway Industries closest? (Round weighted-average interest rate percentage to 2 decimal places, e,g. 52.75. And final answer to 0 decimal places, e.g. 5,275.)
• $1245888
O $944852
O $444314
• $387600
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