Leon took out a $27,000 loan to purchase a car. His repayment options are listed below.

Interest rate – 3.8% Loan Length (Months) – 60 Monthly Payment Amount -$495

Interest rate – 3.8% Loan Length (Months) – 48 Monthly Payment Amount -$495

How much money will Leon save if he repays the loan in 48 months rather than 60 months?