1 Rental costs Annual rent Insurance Security deposit 58,150 235 1,600 Buying costs Annual mortgage payments Property taxes Insurance/maintenance Down payment/closing costs Growth in equity Estimated annual appreciation $10,490 (59,633 is interest) 2,740 1,950 4,500 057 1.000 oped Assume an after tax savings interest rate of 7 percent and a tax rate of 28 percent -Book (a) Calculate the total rental cost and total buying cost. (Round your intermediate calculations ond final onswers to the nearest whole number.) Total Cost ferences $ 11,200 Rental cost Buying cost (b) Based on the cost criteria, would you recommend buying or renting? Renting O Buying