1. Convert the mixed number to an improper fraction: (5*8+1)/8 = 41/8.
2. Find a common denominator for 8 and 4, which is 8. Convert 1/4 to 2/8.
3. Subtract the fractions: 41/8 - 2/8 = 39/8.
4. Convert the improper fraction back to a mixed number: 39/8 = 4 7/8.