You are working at Grey Company. You purchased a house in 2020. Gray Company gave you a housing loan on May 1, 2020 for $80,000 at a rate of 2 percent interest. You pay the interest on the loan every month. The 2020 prescribed interest rates are as follows:

First quarter 5%

Second quarter 4%

Third quarter 3%

Fourth quarter 3%

What is your taxable benefit on the above loan for 2020?

A) Nil.

B) $267.40.

C) $670.68.

D) $1,073.97.

E) $2,147.95.

F) $667.40.