To solve this, we first need to simplify each fraction:

7/8 * 2/5 = 14/40 = 7/20
1/5 * 2/3 = 2/15

Now, we can subtract the two fractions:

7/20 - 2/15

To subtract these fractions, we need to find a common denominator. The least common multiple of 20 and 15 is 60.

Multiplying the first fraction by 3/3 and the second fraction by 4/4 to get a common denominator:

(7/20) * (3/3) = 21/60
(2/15) * (4/4) = 8/60

Now we can subtract the fractions:

21/60 - 8/60 = 13/60

Therefore, the answer is B. 13/60.