Rental Costs Annual rent $ 7,730 Insurance $ Security deposit $ 180 825 Based on the following data, would you recommend buying or renting? Buying Costs Property taxes Growth in equity Insurance/maintenance Annual mortgage payments $10,500 (9,750 is interest) $ 1,920 Down payment/closing costs $ 5,200 $ 750 $ 1,400 Estimated annual appreciation $ 2,050 Assume an after-tax savings interest rate of 5 percent and a tax rate of 26 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