Jones works for the Bank of Montreal. The bank provides loans to its employees at an annual interest rate of

%.

On April 1 of the current year, the bank provides

with an employee loan in the amount of

at the annual interest rate of

%.

The loan requires annual principal repayments of

on April 1 of each year.

makes the first annual repayment in the following year. Assume that Canada Revenue Agency's prescribed interest rates for the current year are as follows:

Q1 (January 1 to March 31) =

%

Q2 (April 1 to June 30) =

%

Q3 (July 1 to September 30) =

%

Q4 (October 1 to December 31) =

%

Calculate the taxable benefit to be included in employment income for Jones in the current year. Assume a 365 day year. Round your answer to the nearest whole dollar.