Problem 7-1 (L07:1) 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 Property taxes Down payment/closing costs Growth in equity Insurance/maintenance Estimated annual appreciation $10,650 (9,900 is interest) $ 2,040 $5,350 $ 750 $ 1,700 $ 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 deductie that exceed the standard deduction amount. 0. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the neare whole dollar.) $ 8.308 Rental cost Buying cost