Your Brother's Business Obtained a 30-Year Amortized Mortgage Loan for $300,000

Your brother's business obtained a 30-year amortized mortgage loan for $300,000 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 Year 1?

A) $18,813.11
B) $24,248.01
C) $20,903.46
D) $20,485.39
E) $19,440.22