On January 1, 2020, Jack borrowed $105,000 from his employer at an annual rate of 1% interest in order to purchase a home. At the time the loan was made, the bank would have charged a rate of 5%. Assume that the prescribed rate of interest during the first and second quarter of 2020 was 3% and 2% for the remainder of the year. Jack pays the required interest on January 15, 2021. What is Jacks taxable benefit on this loan for 2020?