5) Given: Sales price $250,000

Marginal Tax Rate 30%

Property Taxes (Monthly) 300

Insurance (Monthly) 50

Cost to rent an Apt. 1,000

Down Payment 20%

Mortgage Interest Rate 7.5%

Amortization Period 30 years

what are the financial implications of renting or buying a home given the the above data ? Calculate on a monthly basis. (Hint: What is the after tax cost of buying the home conpared to renting the apt?)