The Cadillac Motor Car Company is advertising a 24-month lease of a Cadillac Deville for $520 payable at the beginning of each month. The lease requires a $2,500 down payment plus a $500 refundable security deposit. As an alternative, the company offers a 24-month lease with a single up-front payment of $12,780 plus a $500 refundable security deposit. The security deposit will be refunded at the end of the 24-month lease. Assuming an interest rate of 6% compounded monthly, which lease is the preferred one?