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Business, 06.11.2019 05:31 willow2444

Pronghorn company is constructing a building. construction began on february 1 and was completed on december 31. expenditures were $1,800,000 on march 1, $1,200,000 on june 1, and $3,097,420 on december 31. pronghorn company borrowed $1,050,550 on march 1 on a 5-year, 13% note to finance construction of the building. in addition, the company had outstanding all year a 10%, 5-year, $2,080,800 note payable and an 11%, 4-year, $3,831,200 note payable. compute the weighted-average interest rate used for interest capitalization purposes. (round answer to 2 decimal places, e. g. 7.58%.)

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