Current Attempt in Progress

Metlock Company is constructing a building. Construction began on February $1$ hand was completed on December $31.$ Expenditures were $$1,908,000$ on March $1,$ $$1,308,000$ on June $1,$ and $$3,002,130$ on December $31.$

Metlock Company borrowed $$1,197,510$ on March $1$ on a $5-$year, $12\%$ note to help finance construction of the building. In addition, the company had outstanding all year a $10\%,5-$year, $$2,487,900$ note payable and an $11\%,4-$year, $$3,271,400$ note payable. Compute the weighted$-$average interest rate used for interest capitalization purposes. $($Round answer to $2$ decimal places, e$.$g$.7\mathrm{.}58\%.)$

Weighted$-$average interest rate $\%$