Sale Price = $157.5 (answer). This means the cost of the item to you is $157.5. You will pay $157.5 for a item with original price of $175 when discounted 10%. In this example, if you buy an item at $175 with 10% discount, you will pay 175 - 17.5 = 157.50 dollars.
Hope this helps!
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One equation with 3 variables cannot be solved in the sense that you can find "the" 3 values for x, y and m. You can observe that this equation represents a family of straight lines with varying slope (depending on m).