Question: Current Attempt in Progress Bonita Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,896,000 on

Current Attempt in Progress Bonita Company is constructing a building. Construction

Current Attempt in Progress Bonita 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. Bonita 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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