Question: Brief Exercise 10-3 Nash Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,896,000 on March

Brief Exercise 10-3 Nash Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,896,000 on March 1, $1,296,000 on June 1, and $3,094,220 on December 31. Nash Company borrowed $1,028,960 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, $2,013,900 note payable and an 11%, 4-year, $3,826,400 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 %

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