The first eqn will be used,
x = x0 + v0t + 1/2at²
where, x = distance
a = uniform acceleration
t = time
12 = 1/2*9.8 *t²
24 = 9.8 * t²
t = 1.56 s.
The balloon will hit the ground after 1.0s of falling.
The 1st eqn was used because of the values provided which were the distance and the acceleration due to gravity. The 2nd eqn has final velocity and initial velocity which couldn't be compared from the data given.