• Reginald is about to lease an apartment for 18 months. The landlord wants him to make the lease payments at the start of the month. The monthly payments are ​$1,100 per month. The landlord says he will allow Reg to prepay the rent for the entire lease with a discount. The​ one-time payment due at the beginning of the lease is ​$18,984 What is the implied monthly discount rate for the​ rent? If Reg is earning ​0.3% on his savings​ monthly, should he pay by month or make the​ one-time payment?


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