Reginald is about to lease an apartment for 18 months. The landlord wants him to...
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Finance
Reginald is about to lease an apartment for
18 months. The landlord wants him to make the lease payments at the start of the month. The monthly payments are
$1,100
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
$18,519.
What is the implied monthly discount rate for the rent?
If Reg is earning 0.6% on his savings monthly, should he pay by month or make the one-time payment?
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