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What is the weighted-average interest rate

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Question - Crane Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6300000 on March 1, $5250000 on June 1, and $7950000 on December 31. Crane Company borrowed $3150000 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, $6350000 note payable and an 9%, 4-year, $11950000 note payable.

Required - What is the weighted-average interest rate used for interest capitalization purposes?

a) 8.50%

b) 8.65%

c) 9.00%

d) 8.85%

Reference no: EM132592323

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