Find a common denominator (LCD of 12 and 8 is 24), then subtract.<br><br>
&bull; \( \frac{7}{12} = \frac{14}{24} \)<br>
&bull; \( \frac{3}{8} = \frac{9}{24} \)<br>
&bull; \( \frac{14}{24} - \frac{9}{24} = \frac{5}{24} \)<br>
&bull; \( \frac{5}{24} \) is already in simplest form.<br><br>
Final Answer: C: \( \frac{5}{24} \)