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\frac{5}{240}-\frac{2}{240}
Least common multiple of 48 and 120 is 240. Convert \frac{1}{48} and \frac{1}{120} to fractions with denominator 240.
\frac{5-2}{240}
Since \frac{5}{240} and \frac{2}{240} have the same denominator, subtract them by subtracting their numerators.
\frac{3}{240}
Subtract 2 from 5 to get 3.
\frac{1}{80}
Reduce the fraction \frac{3}{240} to lowest terms by extracting and canceling out 3.