On 1 January 2019, Max borrowed $25,000 at an interest rate of 1% per annum from his employer, DCE Ltd. which files its FBT returns on a quarterly basis. Max has not made any repayments on the loan. The prescribed rate of interest for the quarter ended 31 March 2019 is 5.77%. The taxable value of the employment-related loan provided to Max for the quarter ended 31 March 2019 is:

Select one:

a.$123

b.$233

c.$334

d.$356