It is already in lowest term, my dear.
7/3 is an improper fraction.
If you wanna convert it into a mixed number, the formula is:
Numerator / Denominator
The Quotient will be the Whole Number
The Remainder will be the Numerator
The Denominator will still be the Denominator
Applying this formula:
Quotient = 2
Remainder = 1
Denominator = 3
2 will be the whole number.
1 will be the numerator.
3 will still be the denominator.