Based on the following data, would you recommend buying or renting? Rental Costs Annual rent Insurance Security deposit $ 7,980 $ 205 $ 950 Buying Costs Annual mortgage payments Property taxes Down payment/closing costs Growth in equity Insurance/maintenance Estimated annual appreciation $10,700 (9,875 is interest) $ 2,020 $ 5,480 $ 825 $ 1,650 $ 2,300 Assume an after-tax savings interest rate of 6 percent and a tax rate of 28 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