Based on the following data, would you recommend buying or renting? Rental Costs Annual rent Insurance Security deposit $ 7,430 $ 150 $ 675 Buying Costs Annual mortgage payments $ 9,900 (9,600 is interest) Property taxes $1,800 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 b. Would you recommend buying or renting? Buying