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Calculate the taxable benefit for the month

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Question - 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 4th month.

Reference no: EM132923592

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