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Well, I can understand how to graph basic liner equations, for example:

$$y=2x-4$$

The y-intercept would be -4 and the slope would be 2. The coordinates could then be (0,-4)(1, -2)

However, how would I solve a linear equation like this: $$y = \frac{2x}{4}$$

What are the steps to find out the coordinates? The only relationship that I know that can possibly help me is: $$\frac{x}{4}=\frac{1}{4}x$$

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You could write $y=(1/2)x+0$, if that helps... If you want a point on the line, just give $x$ a value, and compute the corresponding value of $y$. For example, set $x=2$; then $y=(1/2)\cdot2+0=1$. So the point $(2,1)$ is on the line. –  David Mitra Feb 22 '13 at 0:18
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$$ \begin{align} y & = \frac{2}{4} \\ \\ \iff y & = \frac{1}{2} + \;0 \\ &\quad\; \vdots \qquad\vdots \\ y & = m x + b \\ \\ \therefore m & = \frac 12; \quad b = 0 \\ \\ \therefore & (0, 0) \in \;\text{line} \\ \end{align} $$

And since $m = \; \text{slope} = \dfrac 12,\;\; (2, 1) \in \;\text{line}$, too.

Double check $m = \dfrac{ 1-0}{2 - 0} = \dfrac 12$

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$ y=mx+n $

$m$=slope

$n=y-intercept$

$-n/m=x-intercept $

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