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
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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 eam his own spending money. He is estimating that each semester, he will spend $300 on books and $600 of personal needs.
What is Caleb's net monthly income?