Answer:
Different values of margin of error for different significance level.
Step-by-step explanation:
We are given the following in the question:
p = 90% = 0.9
Sample size, n 790
We have to find the margin of error.
Formula:
Putting values, we get,
Answer:
Part A:
Rent = $7380
Mortgage payments = $9800
Insurance = $145
Taxes, insurance, maintenance = = $2830
Loss of Interest on security deposit = (650*6%) = $39
Interest lost on down payment and closing cost = (4,500*6%) = $270
Growth in equity = $225
Annual appreciation = $1700
Tax savings for mortgage interest = (9,575*28%) = $2,681
Tax savings for property taxes = (1,780*28%) = $498
Total rental cost = dollars
Total buying costs = dollars
Part B:
You should consider rent because the cost of renting is less than the cost of buying.