Kangaroo Autos is offering free credit on a new $12,600 car. You pay $1,600 down and then $410 a month for the next 30 months. Turtle Motors next door does not offer free credit but will give you $1,200 off the list price.

a. If the rate of interest is 0.75% a month, calculate the present value of the payments to Kangaroo Autos. (Do not round intermediate calculations. Round your answer to 2 decimal places.)