Reginald is about to lease an apartment for the year. The landlord wants the lease payments paid at the start of the month. The twelve monthly payments are $1,300 per month. The landlord says he will allow Reginald to prepay the rent for the entire year with a discount. The one-time annual payment due at the beginning of the lease is $14,778. What is the implied monthly discount rate for the rent? If Reginald is earning 1.5% on his savings monthly, should he pay by month or take the one annual payment?