Based on the following data, would you recommend buying or renting? Rental Costs Annual rent Insurance Security deposit $ 8,030 $ 210 $ 975 Buying Costs Annual mortgage payments $ 10,650 (9,900 is interest) Property taxes $ 2,040 Down payment/closing costs $ 5,350 Growth in equity $ 750 Insurance/maintenance $ 1,700 Estimated annual appreciation $ 2,350 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? O Buying O Renting