Current Attempt in Progress

Hanson Company is constructing a building. Construction began on February $1$ and was completed on December $31.$ Expenditures were $\backslash (\backslash$$ $1,800,000\backslash )$ on March $1,\backslash$$$1,200,000$ on June $1,$ and $\backslash$$$3,000,000$ on December $31.$

Hanson Company borrowed $\backslash$$$1,000,000$ on March $1$ on a $5-$year, $12\backslash \%$ note to help finance construction of the building. In addition, the company had outstanding all year a $10\backslash \%,5-$year, $\backslash$$$2,000,000$ note payable and an $11\backslash \%,4-$year, $\backslash$$$3,500,000$ note payable. Compute the weighted$-$average interest rate used for interest capitalization purposes. $($Round answer to $2$ decimal places, e$.$g$.7\mathrm{.}58\backslash \%.)$

Weighted$-$average interest rate