Willi works as a power engineer for a steel manufacturer. In December of last year he received an unexpected production bonus. It's unlikely that he will receive the same amount this year. In February of this year while preparing for tax season, Willi realizes he will likely owe additional taxes due to the bonus. His regular salary income is taxed at an average rate of $30\%,$ but his entire bonus income of $$11,000$ was taxable at a rate of $40\%.$ Unfortunately, Willi has already used the bonus income to pay off his truck loan and does not have any cash available to make an RRSP contribution before the March $1$st deadline. Willi is considering an RRSP loan from his bank at an annual interest rate of $3\mathrm{.}32\%,$ compounded monthly, to make a contribution. He would be required to make payments at the end of each month and repay the RRSP loan within one year. Willi accepts the terms of the RRSP loan and, makes a contribution to his RRSP$.$ He uses the resulting tax refund to immediately reduce the loan balance before his first payment is due. Assuming Will immediately applies his refund to the outstanding loan balance before interest begins accruing, what is the net benefit to Willi of using an RRSP loan? An RRSP loan will result in a net benefit of:

Question $12$ options: $$3,161.$ $$4,201.$ $$4,281$