#### Answer

$\frac{11}{48}$

#### Work Step by Step

First, we will find the LCM of the two denominators. Upon inspection, we find that the LCM is 48 as it is the lowest number that is a multiple of both 12 and 16.
Therefore, $\frac{5}{12}-\frac{3}{16}=\frac{5(4)-3(3)}{48}$
Now, we will simplify the expression:
Step 1: $\frac{5(4)-3(3)}{48}$
Step 2: $\frac{20-9}{48}$
Step 3: $\frac{11}{48}$