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\frac{7}{24}-\frac{3}{24}
Least common multiple of 24 and 8 is 24. Convert \frac{7}{24} and \frac{1}{8} to fractions with denominator 24.
\frac{7-3}{24}
Since \frac{7}{24} and \frac{3}{24} have the same denominator, subtract them by subtracting their numerators.
\frac{4}{24}
Subtract 3 from 7 to get 4.
\frac{1}{6}
Reduce the fraction \frac{4}{24} to lowest terms by extracting and canceling out 4.