Damon is saving for a vacation. He estimates that he'll need about $2,500 for the trip. He created an equation last week to model his savings plan to determine how many more months of saving it will take to reach his goal. In the equation Damon created, x represents the number of months since last week and y represents the total amount he's saved for the vacation. Review his work, and select the true statement. Step 1: y = 500 + 400x Step 2: y − 500 = 500 + 400x − 500 Step 3: y − 500 = 400x Step 4: = Step 5: = x Step 6: = x Step 7: 5 = x