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find the equation of a line with slope 4/5 and y-intercept (0,-7) Do I still use the formula y=mx+b?

Yes. Let me know what you come up with and I'll let you know if you are correct.

So far I came up with

y+7 = 4/5(x-0)

Now I am stuck...

OK, you could do it that way, and distribute the 4/5 and subtract the 7:
Or, you could just start with y=mx+b. If you didn't notice, the point they gave you was the y-intercept because the x-value was 0, meaning that was where the line crosses the y-axis. So, since b is the y-intercept, you could have just immediately written

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