Based on the following data, would you recommend buying or renting? Rental Costs Annual rent Insurance Security deposit Buying Costs $ 7,880 Annual mortgage payments $ 195 Property taxes $ 1,150 Down payment/closing costs Growth in equity Insurance/maintenance Estimated annual appreciation $ 10,800 (9,825 is interest) $ 1,980 $ 5,500 $ 975 $ 1,550 $ 2,200 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? Buying Renting