A couple is deciding between purchasing a house and renting. They can purchase a new house with a down payment of $15,000 and a monthly payment of $750, beginning one month from now. Taxes and insurance are expected to amount to $100 per month. In addition, they expect to paint the house every four years at a cost of $600. Alternatively, they can rent a house for $700 per month, payable in advance with a $600 deposit, which will be returned to them when they vacate. The utilities are expected to average $135 per month whether they rent or purchase. If they expect to be able to sell the house in 6 years for $10,000 more than they paid down, should they buy or rent, if the interest rate is 12% per year, compounded monthly? Use PW analysis.