Chuck Bouchard was hired by Granite Inc. on March 15, 2018. He had lived with his parents until April 2018, at which time he purchased a new house. Under the terms of his employment contract, he received a housing loan on April 1, 2018, of $105,000 at a rate of 2%. He pays interest on the loan on a monthly basis. Assume the 2018 prescribed interest rates applicable to employee loans are as follows: First quarter 6% Second quarter 5% Third quarter 5% Fourth quarter 3% What is Chuck's taxable benefit on the above loan for 2018?