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\frac{16}{240}-\frac{15}{240}
Least common multiple of 15 and 16 is 240. Convert \frac{1}{15} and \frac{1}{16} to fractions with denominator 240.
\frac{16-15}{240}
Since \frac{16}{240} and \frac{15}{240} have the same denominator, subtract them by subtracting their numerators.
\frac{1}{240}
Subtract 15 from 16 to get 1.