Question: Need help finding the amount for the construction loan and other loans. Also need help solving interest rates. Please show steps on how to solve.

Need help finding the amount for the construction loan and other

Need help finding the amount for the construction loan and other loans. Also need help solving interest rates. Please show steps on how to solve. Thank you

On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022 . The company borrowed $2,250,000 at 11% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: Construction expenditures incurred during 2021 were as follows: Required: Calculate the amount of interest capitalized for 2021 using the specific interest method. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3% ).)

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