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\frac{5}{60}-\frac{3}{60}
Least common multiple of 12 and 20 is 60. Convert \frac{1}{12} and \frac{1}{20} to fractions with denominator 60.
\frac{5-3}{60}
Since \frac{5}{60} and \frac{3}{60} have the same denominator, subtract them by subtracting their numerators.
\frac{2}{60}
Subtract 3 from 5 to get 2.
\frac{1}{30}
Reduce the fraction \frac{2}{60} to lowest terms by extracting and canceling out 2.