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What you need to do is half the top number (the bottom number will always remain the same if halving a fraction)- so it would then be 1.5/4 and then multiply the whole fraction by a number that would make the top number a whole. So in this case, if you times it by 2 you get 3 on the top, and 8 on the bottom- so 3/8 :)
this is taken from y@hoo answers
half of 3/4 is the same as 3/4 X 1/2
to multiply fraction you multiply the top and bottom numbers
(3X1) / (4X2) = 3/8
3/8