STEP-BY-STEP ANSWER:
Step 1: Start with the slope-intercept equation: y = mx + b.
Step 2: Substitute the known slope (m) into the equation.
Step 3: Use the coordinates of the given point (x₁, y₁) by substituting x₁ for x and y₁ for y.
Step 4: Solve the equation for b, the y-intercept.
Step 5: Write the final equation with the identified slope and y-intercept.
Final Answer: The equation of the line is y = mx + b with the calculated values.