What was the weighted average interest rate Colgate faced on its short-term borrowings in 2013? Enter with 1 decimal place and with % sign (Ex: 9.9%)

The weighted average interest rate that Colgate faced on its short-term borrowings in 2013 was:

2.2%.

Explanation:

On page 62 of its 10-K annual report for the fiscal year ended December 31, 2013, it specifically reported that "the weighted-average interest rate on short-term borrowings of $13 in 2013 and $54 in 2012 included in Notes and loans payable in the Consolidated Balance Sheets as of December 31, 2013 and 2012 was 2.2% and 1.0%, respectively."  To calculate the weighted-average interest rate, we multiply each loan amount by its interest rate to obtain the "per loan weight factor."  Then add the per loan weight factors together. Add the loan amounts together. Divide the "total per loan weight factor" by the "total loan amount," and then multiply by 100 to calculate the weighted average.

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