Given the information here, what is the annual cost of owning? $\begin{array}{c}
\begin{array}{l}
\text{* Home value}\
\text{* Annual mortgage payments}\
\text{* Annual property taxes}\
\text{* Annual homeowner's insurance}\
\text{* Estimated maintenance and repairs}\
\text{* Growth in equity}\
\text{* Tax savings (mortgage interest and property tax)}\
\text{* Estimate annual appreciation}\
\end{array}
\begin{array}{c}
\$ 300,000 \
\$ 19,200 \
\$ 4,800 \
\$ 1,200\
1 \% \text{of home value}\
\$ 3,000\
\$2,800\
1.5 \% \text { of home value }\
\end{array}
\end{array}$

Question

Quizplus · Accepted Answer

The annual cost of owning includes annual mortgage payments, annual property taxes, annual homeowner's insurance, and estimated maintenance and repairs, but does not include growth in equity, tax savings, or estimate annual appreciation. Therefore, the calculation is: $19,200 (mortgage) + $4,800 (property taxes) + $1,200 (insurance) + $3,000 (maintenance, 1% of $300,000) = $28,200. However, to find the net cost, subtract the tax savings: $28,200 - $2,800 (tax savings) = $25,400. The provided options do not include $25,400, indicating a possible mistake in the question or answer choices. Based on the closest available option and considering the calculation error, the intended answer might be different.

Given the Information Here, What Is the Annual Cost of Owning