Reginald is about to lease an apartment for 30 months. The landlord wants the lease payments paid at the start of the month. The monthly payment are $1,600 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 $43, 462. What is the implied monthly discount rate for the rent? If Reg is earning 1.2% on his savings monthly, should he pay by month or take the one-time payment?