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What are the financial implications of renting or buying

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Reference no: EM131779739

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?)

Reference no: EM131779739

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