Rental CostsAnnual rent$ 7,920Insurance192Security deposit720 Buying Costs Annual mortgage payments$ 10,120($ 9,644 is interest)Property taxes2,140 Insurance, maintenance1,790 Down payment, closing costs4,500 Growth in equity476 Estimated annual appreciation2,500 Assume an after-tax savings interest rate of 7 percent and a tax rate of 28 percent. Calculate the total rental cost and total buying cost. Based on the cost criteria, would you recommend buying or renting? multiple choice Renting Buying