Book 101- Based on the following data, would you recommend buying or renting? Buying Costs Annual mortgage payments Property taxes $9,900 (9,600 is interest) $ 1,800 Rental Costs Annual rent $ 7,430 Insurance $ 150 Security deposit $ 675 Down payment/closing costs $ 300 Insurance/maintenance $1,100 Estimated annual appreciation $ 1,750 Growth in equity $ 4,600 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.)