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