T. Adams commenced employment at Moana Sales Ltd. on February 1, 2019.He had lived in an apartment until May 2019, at which time he purchased a new house.Under the terms of his employment, he received a housing loan on May 1, 2019 of $80,000 at a rate of 2 percent.He pays the interest on the loan on a monthly basis.Assume the 2019 prescribed interest rates applicable to employee loans are as follows:

Firstquarter5%

Secondquarter4%

Thirdquarter3%

Fourthquarter3%

What is T. Adams' taxable benefit on the above loan for 2019?