Can you break down the solution for me for this math problem: Jackson is buying school supplies for his third grade class, which has 30 students. Each student needs 5 pens, 3 notebooks, 1 binder and 2 highlighters. Pens cost $0.50, notebooks cost $1.25, binders cost $4.25, and highlighters cost $0.75. If Jackson gets a $100 teacher discount, how much does he spend on school supplies?