Determine the after-tax IRR for owning versus renting in each of the five years with the following changes in the original assumptions in the spreadsheet:

a. The homeowner has a 15 percent marginal tax rate instead of 28 percent.

b. Rents and property values will not increase over the five years.

c. The loan amount is $105,000 instead of $120,000.

d. The initial rent for year 1 is $15,000 instead of $12,000.