An executive wishes to take out a $ 1,200,000 mortgage. The yearly interest rate on the loan is 1.95% and the loan is for 20 years. Payments will be made monthly. Calculate the total interest payable. Give your answer in dollars to the nearest thousand dollars, do not include commas. Provide your answer below:
a) $ 468,000
b) $ 420,000
c) $ 380,000
d) $ 520,000