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Calculate the value of the taxable benefit for the year

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Reference no: EM132840586

The company provided Boris with a $75,000 home relocation loan on April 1, at a rate of 3%, to buy a home in the company's new work location, which is 40 km closer to the office. Boris agreed to pay $1,500 at the end of each calendar quarter as well as $1,653.75 in interest (for the year).

The government prescribed rates for the year are as follows:

1st quarter: 7%
2nd quarter: 6%
3rd quarter: 5%
4th quarter: 5%

Problem 1: Calculate the value of the taxable benefit for the year.

Reference no: EM132840586

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