Question: Based on the following data, would you recommend buying or renting? table [ [ Rental Costs ] , [ Annual rent,,$ 7 , 7
Based on the following data, would you recommend buying or renting?
tableRental CostsAnnual rent,,$ Insurance$ Security deposit,,$ Buying CostsAnnual mortgage payments,$ $ is interestProperty taxes,$ Down payment and closing costs,$ Growth in equity,$ Insurance and maintenance,$ Estimated annual appreciation,$
Assume an aftertax savings interest rate of percent and a tax rate of percent. Assume this individual has other tax deductions that exceed the standard deduction amount.
a Calculate total rental cost and total buying cost.
Note: Round your intermediate calculations and final answers to the nearest whole dollar.
b Would you recommend buying or renting?
Answer is complete but not entirely correct.
tablea Rental cost,$
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