Instructions The Bainter family is moving to a new town and needs a place to live. The Bainters are considering renting or purchasing a home and have found a suitable option for each option The home for sale is listed at $150,000.00. They have $30,000.00 for a down payment and are qualified for a fixed rate 30-year mortgage with an annual interest rate of 4.2 The rental home is currently $900.00 per month, with rent expected to increase approximately $75.00 every 4 years. 1. Calcutate the monthly mortgage payment amount using the formula: M = P. 2. For each option, calculate the total costs after Lyear, 5 years, 10 years and 15 years. Include additional.costs of home ownership such as taxes and home Insurance. 3. Consider advantages and disadvantages of renting versus purchasing a home. 4. Determine which option is better over each interval: 1 year. 5 years, 10 years and 15 years. Defend conclusions with evidence. Factors to Consider Each person has their own unique circumstances when choosing whether to rent or purchase a home. These are severaf factors to consider: 1. Length of time: The longer a person plans on living in an area, the more they can spread out the additional costs of puk nasing a home. 2. Property value: Note the median housing price declined in the late 2000s due to a housing recession. 3. Additional costs. When purchasing a home, closing costs, interest on a mortgage, down payment, higher insurance, and property taxes can add up quickly. 4. Tax savings Changes to tax laws may result in an owner not being abte to deduct interest on income taxes. Question 3 of 4 Submit Proje Buyin What is the tota irsteyear cost when renting the home? Click on questio 1I. 100 0 900.00 11.200.00