An employee of Company x received the following loans (rate and amount) from their employer on January 1, this year: 7%, $15,000 loan to consolidate debts 5%, $100,000 loan to purchase a home The...

Extracted text: An employee of Company x received the following loans (rate and amount) from their employer on January 1, this year: 7%, $15,000 loan to consolidate debts 5%, $100,000 loan to purchase a home The following are the prescribed rates for this year: Q1 8%, Q2 6%, Q3 9%, Q4 7% The employee paid interest on the loans on January 15, of the following year. Required: Calculate the total interest benefit (to be included in income). Ignore any leap year impacts. ATotal interest as per the prescribed rates $8,375 BTotal interest as per the prescribed rates $8,627 CTotal interest as per the prescribed rates $8,375 $6,050; total interest benefit $2,325 DTotal interest as per the prescribed rates $8,627 $6,050; total interest benefit $2,577 **ANSWER D Total interest as per the prescribed rates $8,627; total interest paid $6,050; total interest benefit $2,577 IS INCORRECT***