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\frac{3}{24}-\frac{2}{24}
Least common multiple of 8 and 12 is 24. Convert \frac{1}{8} and \frac{1}{12} to fractions with denominator 24.
\frac{3-2}{24}
Since \frac{3}{24} and \frac{2}{24} have the same denominator, subtract them by subtracting their numerators.
\frac{1}{24}
Subtract 2 from 3 to get 1.