Write the following expression using the fewest possible terms: ( 5 + 3/8y) + ( 1/4 y - 2)

Combining like terms, the expression can be simplified to:

(5 - 2) + (3/8y + 1/4y)
= 3 + (3/8y + 1/4y)

To further simplify the expression, we need a common denominator for 8 and 4. The least common multiple (LCM) of 8 and 4 is 8. So, we can rewrite the expression as:
3 + (3/8y + 2/8y)
= 3 + (5/8y)

Finally, combining terms, the expression can be written as:
3 + 5/8y