A company issues $20,000,000, 7.8%, 20-year bonds to yield an effective rate 8% on January 1, 2014. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,144. What is interest expense for 2015, using straight-line amortization?

A) $1,540,208 B) $1,560,000 C) $1,569,192 D) $1,579,793