Shamrock Company is constructing a building. Construction began on February 1 and was completed on...
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Shamrock 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. Shamrock 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, $3,500,300 note payable. Compute the weighted average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, e.g. 7.58%.) Weighted average interest rate e Textbook and Media Attempts: 0 of 3 used Save for Later Submit Answer Send to Gradebook Previous Next
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