Next Page Question 17 (1 point) Listen Jake borrowed $200,000 from his employer on January 1 to purchase a new home. According to his loan agreement, Jake is to repay the loan in 10 installments of $20,000 paid at the end of each year, along with interest of 3.5% per year on the outstanding balance. At the time Jake arranged the loan, the prescribed ra was 4.5%. What was Jake's taxable benefit during the first year of the loan? $7,000 $1,800 $2,000 $0 Page 17 of Next Page Page 17