Annuities. Please show step by step. Answer is D.\ Mat takes out a loan for a car for

$35,000

. He must make 16 annual payments of

$4,000

. For the\ first 7 years the interest rate is

8%

, what is the annual effective interest rate for the last 9 years?\ a.) .115\ b.) .242\ c.) .082\ d.) .087\ e.) .468

Mat takes out a loan for a car for $35,000. He must make 16 annual payments of $4,000. For the first 7 years the interest rate is 8%, what is the annual effective interest rate for the last 9 years? a.). 115 b.) 242 c.) 082 d.) .087 e.). 468