Babylon provided Andrew with an interest-free loan of $65,000. The funds were provided on September 1, 2019. Andrew pays interest monthly and paid all of the interest required in 2020. The prescribed rates set by the CRA for 2020 equaled 2% for Q1&Q2 and 1% for Q3&Q4. What is the taxable benefit arising from the loan that Andrew must report in his employment income in 2020 (hint: for your calculation, use the number of months the loan was outstanding not the number of days the loan was outstanding)?