Reginald is about to lease an apartment for 12 months. The landlord wants him to make the lease payments at the start of the month. The monthly payments are $1600 per month. The landlord says he will allow Reg to prepay the rent for the entire lease with a discount. Theone-time payment due at the beginning of the lease is $18,384. What is the implied monthly discount rate for therent? If Reg is earning .6% on his savingsmonthly, should he pay by month or make theone-time payment?