Because the channel spacing is 25 kHz, the last digit is unnecessary. If the second to last digit is 0 or 5, the last digit must be 0; if it's 2 or 7, the last digit must be 5. There are only four channels that start with 124.1: 124.100, 124.125, 124.150, 124.175; they are spoken over the air as 124.1 (zeros omitted), 124.12, 124.15, and 124.17. Sometimes, the leading 1 is omitted, especially on readback.
[Add: So yes, [1]24.12 is just shorthand for 124.125 MHz.
I think the '.' is supposed to be spoken as "decimal", but is usually just "point" (at least in the U.S.)]
This got more complicated with 8.33 kHz channel spacing, which is a different subject. [Add: discussed at
Another 8.33 kHz Scanner table anybody? Here you are! ]