On January 1, 2016, your sister's pet supplies business obtained a 30-year amortized mortgage loan for $275,000 at a nominal annual rate of 7.0%, with 360 end-of-month payments. The firm can deduct the interest paid for tax purposes. What will the interest tax deduction be for 2016?

Select the correct answer.

a. $19,161.51

b. $19,160.61

c. $19,164.21

d. $19,163.31

e. $19,162.41