Complete Row 8 of the spreadsheet to calculate the appreciated value of the house after 6 years, and also calculate the total maintenance costs for 6 (4 marks) years. A AB D 1 Year 2 Value $215,000.00 Appreciation Maintenance Total Maint. 3 1 $221,450.00 $6,450.00 $2,214.50 $2,214.50 4 2 $228,093.50 $13,093.50 $2,280.94 $4,495.44 5 3 $234,936.31 $19,936.31 $2,349.36 $6,844.80 6 4 $241,984.39 $26,984.39 $2,419.84 $9,264.64 7 5 $249,243.93 $34,243.93 $2,492.44 $11,757.08 8 f) Complete Row 7 of the spreadsheet to calculate the total cost of all property taxes and insurance payments for 6 years. (4 marks) A B D 1 Year Annual Prop Tax Total Prop Tax Annual Insurance Total Insurance 2 1 $3,065.00 $3,065.00 $595.00 $595.00 3 2345 456 $3,156.95 $6,221.95 $611.66 $1,206.66 $3,251.66 $9,473.61 $628.79 $1,835.45 $3,349.21 $12,822.82 $646.39 $2,481.84 $3,449.68 $16,272.50 $664.49 $3,146.33 7 128 Grade 12 Essential Mathematics continued Assignment 1.3: Making Decisions (continued) g) Calculate the net cost of home ownership after 6 years. Use the formula: Net cost down payment + mortgage payments + maintenance + property taxes + insurance - (appreciation + increase in owner's equity) (2 marks) h) Which is less expensive after 6 years, renting or buying? How much less expensive? (2 marks) i) Why would some people rent instead of buy if it is less expensive after 6 buy than rent? State at least three reasons. (3 marks) years to