Simple, all you want to do is subtract. 7-2=5; and denominators are not subtracted thus it would be 5/8. And that is the simplest form already 5/8.
14.0305 rounded to the nearest hundredth place is 14.03
First, identify the hundredths digit: the 3 in 14.0305
Next, identify if the next digit is greater than 5.
That digit is not greater than or equal to 5 so you would round down.