How to change change permalink of my homepage?

It pretty much boils down to this:

My homepage is:

http://ballerquotes.com/wpinstall/

I want it to be:

http://ballerquotes.com/

Yes, I’ve read the forums telling me to go to settings > reading and changing the option to static page. Will I have to change this in my cpanel? I’ll open up a ticket with my hosting company if that’s the case, just let me know.