Step 1: Use the shortcut for the difference of two terms.
For any A.P., $a_p - a_q = (p-q)d$, so we don't need to find $a$ at all. Here $a_{16}-a_{12} = 4d$.
Step 2: Find the common difference from the given terms.
The A.P. is $-\frac{15}{4}, -\frac{10}{4}, -\frac{5}{4}, \dots$, so
\[ d = -\frac{10}{4} - \left(-\frac{15}{4}\right) = \frac{5}{4} \]
Step 3: Substitute into the shortcut.
\[ a_{16}-a_{12} = 4 \times \frac{5}{4} = 5 \]
Step 4: Confirm the answer.
This matches option (3).
\[ \boxed{5} \]