Yes. Just divide each by the greatest common factor to get lowest terms.
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2/5
Four tenths in lowest terms is 2/5 or two fifths.
3/7
First we need to convert them into like terms. Three fifths is twelve twentieths. Three fourths is fifteen twentieths. Together that is twenty-seven twentieths. That is one and seven twentieths or 1.35 in decimal.
Expressed as a proper fraction in its simplest form, by dividing the numerator and denominator by 4, 16/100 is equal to 4/25 or four twenty-fifths.