You are employed at ABC Corporation on February 1, 2021. You lived in an apartment until March 2021, at which time you purchased a new house. Under the terms of your employment, you received a housing loan on February 15, 2021, of $65,000 at a rate of 2 percent. You pay the interest on the loan monthly. Assume the 2021 prescribed interest rates applicable to employee loans are as follows:

First quarter 4%; Second quarter 3%; Third quarter 5%; Fourth quarter 5%

Required: Calculate your taxable benefit on the above loan for 2021.