An employee of Company x received the following loans (rate and amount) from their employer on January 1, this year 7%, $15,000 loan to consolidate debts 5%, $100,000 loan to purchase a home The following are the prescribed rates for this year: Q1 8%, Q2 6%, Q3 9%, Q4 7% The employee paid interest on the loans on January 15, of the following year. Required: Calculate the total interest benefit (to be included in income). Ignore any leap year impacts. Total interest as per the prescribed rates $8,627 ()Total interest as per the prescribed rates $8,375; total interest paid $6,050; total interest benefit $2,325 Total interest as per the prescribed rates $8,627; total interest paid $6.050; total interest benefit $2.577 Total interest as per the prescribed rates $8,375