The table below provides selected financial data for the Vogon Construction Co$.$ in Years $t$ and $t-1.$

$\backslash$table$[[,\backslash$table$[[$Selected Financial Information$],[$Vogon Construction Co$.]]],[,$Year t$-1,$Year t$],[$Interest Expense,$32\mathrm{.}4,12\mathrm{.}6],[$Short$-$Term Debt,$61\mathrm{.}0,67\mathrm{.}1],[$Long$-$Term Debt,$140\mathrm{.}0,35\mathrm{.}3],[$Total Liabilities,$461\mathrm{.}0,388\mathrm{.}4]]$

What interest rate $($on average$)$ does the company pay on its borrowed funds? Express your answer in percentage form rounded to one decimal place.