Answer:
The first year, the cost is equal to $1,020 
and each year after that, the cost is augmented by $60. 
Then the equation can be written as: 
Cost(y) = $1,020 + $60*y 
where y is the number of years. 
so when y = 0 we have no increase, when y = 1 the increase only applies one time, when y = 2, the increase applies 2 times and so on. 
other way of writting it is taking the common factor, using that 1020/60 = 17 
Cost(y) = $60*(17 + y)