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The standard "line" formula is "y = mx + b"

This is called the "slope-intercept" form and expresses the value y in terms of the "slope" (m in that equation)

and the "y intercept" (b in that equation)...

The y intercept is calculated by setting x to 0 as shown...

You can draw this standard graph by plotting the two intercept points:

x intercept: (7,0)

y intercept: (0, -4)

and drawing a straight line connecting them...

Not sure what additional explanations you need?