This does depend on what you're asked to do with this equation. There is no "answer", based on the information given, you can just rewrite the equation in different forms.
What you have right now is "slope-point form". It writies a line in the form (y - y1) = m(x - x1) . m is the slope of the line, and x1 and y1 are the (x, y) values of ANY point on the line.
The most commonly used form is "slope-intercept" . It takes the form y = mx + b . Again, m is the slope, but this one has b, which is the y-value where the line crosses the y-axis. John wrote a very good explanation of how to get this equation into slope intercept form, so I won't rewrite it!
There are MANY forms for writing linear equations: http://en.wikipedia.org/wiki/Linear_equation#Forms_for_2D_linear_equations
I DON'T recommend you learn them all! But get familar with the ones you use in class! The equation you gave can be written in any of these forms, so it really depends on what your teacher is asking you to do with this equation.