A young couple has just made a nonrefundable deposit of the first month's rent (equal to $1,000) on a 6-month apartment lease, but they havent moved in yet. The next day they find a different apartment that they like just as well, but its monthly rent is only $900. They plan to be in the apartment only 6 months. Assume an interest rate of 12% compounded monthly and that rent is paid at the beginning of each month.

Should they switch to the new apartment from a financial point of view?

What if they plan to stay 1 year?