Answer
$\frac{1}{2y}$
Work Step by Step
Adding/Subtracting similar fractions involves adding/subtracting the numerators and copying the common denominator. Therefore,
$$
\frac{7}{12y}-\frac{1}{12y}=\frac{7-1}{12y}=\frac{6}{12y}=\frac{1}{2y}
.$$