A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The APR on the loan is 12%. After 12 payments have been made, you are able to refinance the loan at a 11% APR (the new loan has the same number of remaining payments as the old loan). What is the present value (at the point in time that you refinance) of the savings you achieve by refinancing?