Brief Exercise 10-03 x Your answer is incorrect. Try again. Teal Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,920,000 on March 1, $1,200,000 on June 1, and $3,058,670 on December 31. Teal Company borrowed $1,018,620 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 10%, 5-year, $2,005,300 note payable and an 11%, 4-year, $3,444,000 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 2300000 Click if you would like to Show Work for this question: Open Show Work