Case Study 1: Casey is preparing to leave for college in the fall. She lives in New York, but will be going to school in California. She is planning on buying a car to get herself there. She wants to buy something reliable, so she is deciding between a new car that will cost $17,000 with 0 miles and a navigation system and a three-year-old car with 7,000 miles and no navigation system for $12,000. She has $10,000 in savings that she will use for the purchase and will take out a loan for the remaining amount.