Problem 9-1 Comparing Renting and Buying [LO9-2] Rental Costs Buying Costs $10,690($9,620 is interest) Annual mortgage payments Annual rent $7,860 192 Property taxes Insurance 2,560 1,180 4,500 1,070 Security deposit 920 Insurance/maintenance Down payment/closing costs Growth in equity Estimated annual appreciation 2,500 Assume an after-tax savings interest rate of 7 percent and a tax rate of 28 percent. (a) Calculate the total rental cost and total buying cost. (Round your intermediate calculations and final answers to the nearest whole number.) Total Cost Rental cost Buying cost