I just applied for peerfly, and I see that on the offers that there is a payout & a epc.
On this ipad email submit offer that im looking at, it says that the Payout is 1.20, yet the EPC is 0.30 Cents.

Does that mean I would only get 30 cents per email submit? Or is it $1.20, sorry I'm new to this affiliate marketing stuff! xD sorry

This means that you will get 1.20 per email submit and that, on average, each click sent to that offer through their network is worth .30 cents. It's a metric used to measure conversion rate.