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Question: Reginald is about to lease an apartment for 2424 months. The landlord wants him to make the lease payments at the start of the month. The monthly payments are $1 comma 0001,000 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 $21 comma 45621,456. What is the implied monthly discount rate for the rent? If Reg is earning 1.51.5% on his savings monthly, should he pay by month or make the one-time payment?

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