Advanced Placement (AP), 13.01.2021 06:00 soloriorafa

Caleb is a junior at JA Enterprise High School and plays rugby on the school team. He has a part-time job at a local fast-food restaurant and works 20 hours a week for $7.60 an hour. His gross monthly income is $608.00, and his take-home pay is $501.64. In his spare time, Caleb walks a dog belonging to an elderly neighbor. He earns an additional $40 per month for that chore. Caleb's parents gave him a used car, and he pays his own insurance, which is $110 a month. His gas and maintenance expenses usually run $65 a month. He also has a cell phone and pays his parents $30 each month for his share of the family plan.
In three weeks, Caleb plans to take a day trip to Six Flags amusement park. His admission will cost $50, and he plans to have $35 for meals and another $50 for incidentals.
Caleb needs to start saving for Christmas, which is in four months, and he usually spends around $200 on gifts for his family and friends. He also would like to buy a new $80 e-reader this month.
Though Caleb's parents will help pay for his college tuition, he knows that in two years, he will have to pay for his books and earn his own spending money. He is estimating that each semester, he will spend $300 on books and $600 on personal needs.
Answer the following questions below about Caleb's situation and complete his monthly budget.
1 . What is Caleb's net monthly income?
How much are Caleb's regular monthly expenses?

How much does Caleb have left over after he pays his regular monthly expenses? This is his discretionary fund.

What are Caleb's short-term goals?
What is his long-term (longer than one year) goal?

If the Six Flags trip will cost $135, how much money will he have left over this month?

How much money does Caleb need to save every month for the next four months if he wants to have enough money to do his Christmas shopping?
Complete Caleb's monthly budget
Net Monthly Income
Transportation: Insurance
Gas and Repairs
Cell Phone
Saving: Christmas Expense e-Reader Total Expenses
Balance Remaining (Discretionary Income)
How much will Caleb have left over this month if he goes to Six Flags?
$

How much do you think Caleb will need to put into savings every month to reach his long-term goal?

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Caleb is a junior at JA Enterprise High School and plays rugby on the school team. He has a part-tim...

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