Convert both mixed numbers to improper fractions, then find a common denominator to subtract.<br><br>
&bull; \(7\frac{1}{8} = \frac{57}{8}\) and \(2\frac{1}{5} = \frac{11}{5}\)<br>
&bull; LCM of 8 and 5 is 40.<br>
&bull; \(\frac{57}{8} = \frac{285}{40}\) and \(\frac{11}{5} = \frac{88}{40}\)<br>
&bull; \(\frac{285}{40} - \frac{88}{40} = \frac{197}{40}\)<br>
&bull; Convert to mixed number: \(\frac{197}{40} = 4\frac{37}{40}\)<br><br>
Final Answer: \(4\frac{37}{40}\)