Juan Jones works for the Bank of Montreal. The bank provides loans to its employees at an annual interest rate of 2%. On April 1 of the current year the bank provides Juan with an employee loan in the amount of $27,000 at the annual interest rate of 2%. The loan requires annual principal repayments of $3,000 on April 1 of each year. Juan makes the first annual repayment in the following year. Assume that Canada RevenueAgency's prescribed interest rates for the current year are asfollows:

Q1(Jan. 1 to Mar.31) = 5%

Q2(Apr. 1 to June30) = 6%

Q3(July 1 to Sept.30) = 5%

Q4(Oct. 1 to Dec.31) = 6%

Calculate the taxable benefit to be included in employment income for Juan Jones in the current year. Round your answer to the nearest dollar.