On 1/1/x1, ABC Inc began construction of its own storage facility. During 20x1, the wt-avg accumulated expenditures equaled $7,500,000. ABC took out a $4,000,000, 10% construction loan (direct financing) on 1/1/x1. The company had $20,000,000 in other interest-bearing debt with a weighted-average interest rate of 8%. The facility was completed early in 20x2. What amount of interest should ABC capitalize in 20x1 using the specific interest method? (Assume the actual is more than the avoidable)

a.$600,000

b.$750,000

c.$680,000

d.$660,000