Based on the following data, would you recommend buying or renting?

Rental Costs Buying Costs
Annual rent	$	7,430	Annual mortgage payments	$	9,900	(9,600 is interest)
Insurance	$	150	Property taxes	$	1,800
Security deposit	$	700	Down payment/closing costs	$	4,600
			Growth in equity	$	300
			Insurance/maintenance	$	1,100
			Estimated annual appreciation	$	1,750

Assume an after-tax savings interest rate of 7 percent and a tax rate of 32 percent. Assume this individual has other tax deductions that exceed the standard deduction amount.

a.	Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.)

Rental cost	$
Buying cost	$