Based on the following data, would you recommend buying or renting? Rental Costs Annual rent Insurance Security deposit $ 8,080 $ 215 $1,000 Buying Costs Annual mortgage payments $10,600 (9,925 is interest) Property taxes $ 2,060 Down payment/closing costs $ 5,300 Growth in equity $ 675 Insurance/maintenance $ 1,750 Estimated annual appreciation $ 2,400 Assume an after-tax savings interest rate of 8 percent and a tax rate of 30 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? O Buying O Renting