The equation g equals three fifths times m represents the proportional relationship of the number of gallons of water (g) used by a washing machine over a certain period of time, in minutes (m).

For each minute the washing machine runs, it uses five thirds gallons of water.
For each minute the washing machine runs, it uses three fifths of a gallon of water.
For each gallon of water the washing machine uses, it runs for three fifths of a minute.
For each gallon of water the washing machine uses, it runs for 8 minutes.

The correct interpretation is:

For each minute the washing machine runs, it uses three fifths of a gallon of water.