Rental Costs Annual rent Insurance Security deposit $7,860 192 920 Buying Costs Annual mortgage payments Property taxes Insurance/maintenance Down payment/closing costs Growth in equity Estimated annual appreciation $10,690 ($9,620 is interest) 2,560 1,180 4,500 1,070 2,500 Assume an ofter-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 $ 8.116 Rental cost Buying cost (b) Based on the cost criteria, would you recommend buying or renting? Renting O Buying