Annual rent $ 7,380
1 answer:
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.
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Answer:
169
Step-by-step explanation:
You need to use a Z-table for this.
There are different tables, in this table i searched for the probability of 97% because that equivalent to the top 3%.
for 0.97, Z = 1.88
The formula of Z is:
Solving x:
