Step 1 :Rearrange the equation into the slope-intercept form, which is \(y = mx + b\), where \(m\) is the slope and \(b\) is the y-intercept.
Step 2 :The equation in slope-intercept form is \(y = \frac{1}{8}x - 3\).
Step 3 :The slope of the line is \(\frac{1}{8}\) and the y-intercept is \(-3\).
Step 4 :Final Answer: The slope of the line is \(\boxed{\frac{1}{8}}\) and the y-intercept is \(\boxed{(-3)}\).