Let the cost of each cookbook be \( x \). Since the novel costs $7 less than a cookbook, the cost of the novel is \( x - 7 \).
Mitch bought four cookbooks and one novel, which gives us the equation: \[ 4x + (x - 7) = 68.75 \]
Now, simplify the equation: \[ 4x + x - 7 = 68.75 \] \[ 5x - 7 = 68.75 \]
Next, add 7 to both sides: \[ 5x = 68.75 + 7 \] \[ 5x = 75.75 \]
Now, divide both sides by 5 to solve for \( x \): \[ x = \frac{75.75}{5} \] \[ x = 15.15 \]
Thus, the cost of each cookbook is \( \boxed{15.15} \).