Childers, Inc. operates primarily in the Southeast Asia but has a number of customers in China who remit about 8,000 checks a year. The average check amount is P2.400. It currently takes the Chinese checks an average of seven days after mailing to clear into Childers' account. A commercial bank has offered Childers a lock box system for P2.400 a year plus P.22 per check. This will reduce the clearing time for the checks to four days. How much will the lock box system save Childers if it borrows at 11%