A mortgage loan having a face value of $$265,000.$ is arranged by a mortagagmortgage broker. Fro this value, broker deducted a fee of $$4,000.$ The mortagage is written at a contarccontract rate of of $3\mathrm{.}2$ percent semi annually for $25$ year term with monthly payments. What is the annual cost of borrowing including brokerage fee expressed as an effective interest rate?

Options:

a$.4\mathrm{.}15$ percent

b$.4\mathrm{.}09$ percent

c$.3\mathrm{.}73$ percent

d$.3\mathrm{.}37$ percent.

e $3$ percent