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Business, 21.09.2021 08:30 samehajamal1234567

Monty Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $ 1,920,000 on March 1, $ 1,200,000 on June 1, and $ 3,058,670 on December 31. Monty Company borrowed $ 1,018,620 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $ 2,005,300 note payable and an 11%, 4-year, $ 3,444,000 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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Monty Company is constructing a building. Construction began on February 1 and was completed on Dece...

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