Question 7 View Policies Current Attempt in Progress Buffalo Company is constructing a building Construction began on February 1 and was completed on December 31. Expenditures were $1,884,000 on March 1, $1.284,000 on June 1, and $3,049,820 on December 31 Buffalo Company borrowed $1,038,290 on March 1 on a 5-year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,241,900 note payable and an 11%, 4 year, 53,500,300 note payable. Compute the weighted average Interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, e8.7.58%.) Weighted average interest rate