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|\frac{5}{40}-\frac{24}{40}|
Least common multiple of 8 and 5 is 40. Convert \frac{1}{8} and \frac{3}{5} to fractions with denominator 40.
|\frac{5-24}{40}|
Since \frac{5}{40} and \frac{24}{40} have the same denominator, subtract them by subtracting their numerators.
|-\frac{19}{40}|
Subtract 24 from 5 to get -19.
\frac{19}{40}
The absolute value of a real number a is a when a\geq 0, or -a when a<0. The absolute value of -\frac{19}{40} is \frac{19}{40}.