Select the correct text. Jerome's teacher gave him a homework assignment on solving equations. Since he's been thinking about saving for a used car, he decided to use the assignment as an opportunity to model a savings plan. He already has $500, and he plans to save $375 every month. To model the situation, he created this equation, where y represents the total amount saved for the car and x represents the number of months since he started saving 500+ 375x = y. He then solved the equation to determine how many months he would need to save to have enough to purchase the car. Review his work, and select the error. y - 500 Justification Step 1: 500 + 375x=y 1: given Step 2: 500 + 375x-500 = y-500 2: addition property of equality Step 3: 375x=y-500 3: simplification 4: division property of equality Step 4: 5: simplification y - 500 Step 5: x= 375 6: substitution, y=3,500 3,500 – 500 7: simplification Step 6: 375 Step 7: x=8 375.1 375 = 375 x=​