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What is the weighted-average interest rate

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Question - Oriole Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6410000 on March 1, $5260000 on June 1, and $8450000 on December 31. Oriole Company borrowed $3190000 on January 1 on a 5-year, 10% note to help finance construction of the building. In addition, the company had outstanding all year a 8%, 3-year, $6370000 note payable and an 9%, 4-year, $12250000 note payable. What is the weighted-average interest rate used for interest capitalization purposes?

Reference no: EM132563331

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