Calculate the following and express the answer as a mixed number in its lowest terms.

7 and 2/5 − 3 and 1/2=

To subtract mixed numbers, we first subtract the whole numbers and then subtract the fractions separately.

Whole Numbers: 7 - 3 = 4

Fractions:
To subtract fractions, we need to have a common denominator. The least common denominator of 5 and 2 is 10.
2/5 = 4/10
1/2 = 5/10

Now we can subtract the fractions:
4/10 - 5/10 = -1/10

Therefore, the answer is 4 - 1/10 = 3 and 9/10.