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What are the financial implications of renting or buying a

Given the following:

Sale Price $350,000

Marginal Tax Rate 30%

Property Taxes (Monthly) 200

Insurance (Monthly) 50

Cost to Rent an Apt 1,000

Down Payment 20%

Mortgage Interest Rate 7.5%

Amortization Period 30 yrs.

What are the financial implications of renting or buying a home given the above data? Calculate on a monthly basis. (Hint: What is the after tax cost of buying the home compared to renting the apt?)

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