The correct response is:
The initial value of 1,200 represents the value of your cell phone at the time you purchase it.
This is because the initial value in the function \( f(x) = -75x + 1,200 \) occurs when \( x = 0 \), which gives \( f(0) = 1,200 \). This indicates that the value of the cell phone at the time of purchase (when no months have passed) is $1,200.