The Sandersons are planning to refinance their home. The outstanding principal on their original loan is $100,000 and was to amortized in 240 equal monthly installments at an interest rate of 11%/year compounded monthly. The new loan they expect to secure is to be amortized over the same period at an interest rate of 7%/year compounded monthly. How much less can they expect to pay over the life of the loan in interest payments by refinancing the loan at this time