1. **State the problem:** Simplify the fraction $\frac{144}{56}$. 2. **Formula and rules:** To simplify a fraction, divide numerator and denominator by their greatest common divisor (GCD). 3. **Find the GCD:** The prime factors of 144 are $2^4 \times 3^2$. The prime factors of 56 are $2^3 \times 7$. The common factors are $2^3 = 8$. So, $\text{GCD}(144,56) = 8$. 4. **Divide numerator and denominator by the GCD:** $$\frac{144}{56} = \frac{\cancel{8} \times 18}{\cancel{8} \times 7} = \frac{18}{7}$$ 5. **Final answer:** The simplified form of $\frac{144}{56}$ is $\frac{18}{7}$.