Dan borrowed $745 for new coffee table. He will make 10 monthly payments of $85 to repay the loan how much will he pay in intere
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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.