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\frac{24}{40}-\frac{5}{40}
Least common multiple of 5 and 8 is 40. Convert \frac{3}{5} and \frac{1}{8} to fractions with denominator 40.
\frac{24-5}{40}
Since \frac{24}{40} and \frac{5}{40} have the same denominator, subtract them by subtracting their numerators.
\frac{19}{40}
Subtract 5 from 24 to get 19.