Business, 11.04.2020 05:15, wingleo12

Rental Costs Buying Costs Annual rent $ 7,380 Annual mortgage payments $ 9,800 ($9,575 is interest) Insurance $ 145 Property taxes $ 1,780 Security deposit $ 650 Down payment/closing costs $ 4,500 Growth in equity $ 225 Insurance/maintenance $ 1,050 Estimated annual appreciation $ 1,700 Assume an after-tax savings interest rate of 6 percent and a tax rate of 28 percent. Assume this individual has other tax deductions that exceed the standard deduction amount

a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) Rental cost $ Buying cost $
b. Would you recommend buying or renting?
Renting
Buying

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Rental Costs Buying Costs Annual rent $ 7,380 Annual mortgage payments $ 9,800 ($9,575 is interest)...