Kenny plans to rent a bike to ride around Denver on Saturday afternoon. He must pay an initial fee of $5.00 and will then pay an additional $0.25 for each mile he rides. An equation to represent this scenario is y = $0.25x + 5 (where y represents the total Kenny will pay, and x represents the number of miles he rides). If Kenny plans to bike for exactly 75 miles, how much should he be prepared to pay?