Warren Cameron buys a motorboat for $$6,000,$ paying $$1,000$ deposit. The remainder is borrowed from the Monash Bank to be repaid by $15$ monthly payments of $$405\mathrm{.}50$ each. What is the effective annual interest rate?

Question $2$Select one:

a$.$

$3\mathrm{.}5\%$

b$.$

$35\mathrm{.}4\%$

c$.$

$22\mathrm{.}6\%$

d$.$

$15\mathrm{.}7\%$

e$.$

None of the above