The following data includes buying and rental costs. Buying Costs Rental Costs Annual rent $ 10,690 ($9,620 is interest) $ 7,860 $ 192 $ 920 Annual mortgage payments Property taxes Insurance $ 2,560 $ 1,180 Security deposit Insurance/maintenance $ 4,500 Down payment/closing costs Growth in equity in home (principal of mortgage paid) $ 313 Estimated annual house value appreciation $ 2,500 Click here for the Excel Data File Assume an after-tax savings interest rate of 7 percent. a. Calculate the total rental costs and total buying costs. (Round your intermediate calculations and final answers to the nearest dollar amounts. Omit the "$" sign in your response.) Total rental costs $ Total buying costs $ b. Would you recommend buying or renting? Buying Renting