Weighted average accumulated expenditures are $$800,000$ on a project for which work steadily progressed during the current year. The following debt was outstanding during the current year.

Construction loan$$200,000$at$10\%$Note payable$$1,000,000$at$8\%$Mortgage payable$$300,000$at$12\%$

a$.$ Compute the total actual interest expense for the current year. $Answer $1$

b$.$ Compute the weighted average interest rate on the general debt.