[guided]We want to show $(a_n b_n) \sim (a_n' b_n')$, i.e. $|a_n b_n - a_n' b_n'| \to 0$ as $n \to \infty$. Unlike the sum, the difference $a_n b_n - a_n' b_n'$ does not factor through a single difference like $a_n - a_n'$ or $b_n - b_n'$ — both factors change at once. The standard remedy is to insert a hybrid term and split the difference:
\begin{align*}
a_n b_n - a_n' b_n' = (a_n b_n - a_n b_n') + (a_n b_n' - a_n' b_n') = a_n(b_n - b_n') + b_n'(a_n - a_n').
\end{align*}
Each summand is now a product of a "bounded" factor ($a_n$ or $b_n'$) and a "small" difference ($b_n - b_n'$ or $a_n - a_n'$, both of which tend to $0$). This is the same trick used to prove that the product of two convergent sequences converges, and it works for the same reason: small times bounded is small.
Applying the triangle inequality on $\mathbb{Q}$ to this decomposition,
\begin{align*}
|a_n b_n - a_n' b_n'| \le |a_n|\,|b_n - b_n'| + |b_n'|\,|a_n - a_n'|.
\end{align*}
We now use the uniform bound $M$ from Step 1: by the Boundedness of Cauchy Sequences in $\mathbb{Q}$ each of the four sequences $(a_n), (a_n'), (b_n), (b_n')$ is bounded, and we set $M := \max\{M_a, M_a', M_b, M_b'\}$, so in particular $|a_n| \le M$ and $|b_n'| \le M$ for every $n$. Substituting these bounds,
\begin{align*}
|a_n b_n - a_n' b_n'| \le M\,|b_n - b_n'| + M\,|a_n - a_n'| = M\bigl(|b_n - b_n'| + |a_n - a_n'|\bigr).
\end{align*}
Why does this estimate close the argument? The right-hand side is $M$ times a sum of two quantities that tend to $0$. The constant $M$ is fixed (chosen once and for all in Step 1, independent of $n$), so multiplication by $M$ does not destroy convergence to $0$: if $c_n \to 0$ then $M c_n \to 0$. The crucial input is precisely that Cauchy sequences in $\mathbb{Q}$ are bounded — without this, the factor multiplying $|b_n - b_n'|$ could blow up and we could not conclude.
To convert this into an explicit $\varepsilon$-statement, fix $\varepsilon \in \mathbb{Q}_{>0}$. We want each of the two terms on the right to be at most $\varepsilon/2$. Since $|a_n - a_n'| \to 0$, there is $N_1 \in \mathbb{N}$ with $|a_n - a_n'| < \varepsilon/(2M)$ for all $n \ge N_1$; since $|b_n - b_n'| \to 0$, there is $N_2 \in \mathbb{N}$ with $|b_n - b_n'| < \varepsilon/(2M)$ for all $n \ge N_2$. Set $N := \max\{N_1, N_2\}$. Then for every $n \ge N$,
\begin{align*}
|a_n b_n - a_n' b_n'| \le M\left(\frac{\varepsilon}{2M} + \frac{\varepsilon}{2M}\right) = \frac{\varepsilon}{2} + \frac{\varepsilon}{2} = \varepsilon.
\end{align*}
Since $\varepsilon \in \mathbb{Q}_{>0}$ was arbitrary, $|a_n b_n - a_n' b_n'| \to 0$, which is exactly the statement $(a_n b_n) \sim (a_n' b_n')$. Therefore the product $x \cdot y = [(a_n b_n)]$ does not depend on the choice of representatives.[/guided]