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This year Jonny was given a loan from the company he works for.The loan was for $20,000.00 which he agreed to pay back in monthly

This year Jonny was given a loan from the company he works for.The loan was for $20,000.00 which he agreed to pay back in monthly installments of $1,000.00, as well as paying 3% interest even though the government rate of interest is 5%.Jonny has made 3 installment payments thus far.Calculate the taxable benefit for the 4thmonth.

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