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What is the weighted-average interest rate used

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Concord Corporation is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6490000 on March 1, $5270000 on June 1, and $8250000 on December 31. Concord Corporation borrowed $3180000 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, $6350000 note payable and an 11%, 4-year, $11950000 note payable.

Problem 1: What is the weighted-average interest rate used for interest capitalization purposes?

Option 1: 10.85%
Option 2: 10.65%
Option 3: 10.50%
Option 4: 11.00%

Reference no: EM132983231

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