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\frac{17}{24}-\frac{3}{24}
Least common multiple of 24 and 8 is 24. Convert \frac{17}{24} and \frac{1}{8} to fractions with denominator 24.
\frac{17-3}{24}
Since \frac{17}{24} and \frac{3}{24} have the same denominator, subtract them by subtracting their numerators.
\frac{14}{24}
Subtract 3 from 17 to get 14.
\frac{7}{12}
Reduce the fraction \frac{14}{24} to lowest terms by extracting and canceling out 2.