Lock-in amplifiers (LIAs) are commonly used in chemistry laboratories to improve noise-to-signal ratios. Constructing and testing a suitably designed LIA provide undergraduate students with an excellent opportunity to learn about theory, construction, and applications of LIA. In particular, students can learn about time-dependent behavior and various components, from resistors (R) and capacitors (C) to packaged microchips such as demodulators and phase shifters. We provide here design and performance characteristics of a two- (Vx, Vy) channel LIA based on balanced modulator/demodulators (AD630). The LIA includes configurable resistor-capacitor (RC) high-pass and low-pass filters, various op-amp circuits, and a phase-shifter. Various configurations of resistors/capacitors, as well as salt solutions and isopropanol/pentane mixtures, are used as samples to measure conductance or capacitance to test both V[subscript x] and V[subscript y] channels of the LIA. The results are consistent with behaviors expected theoretically. The LIAs yield excellent noise/signal ratios with peak-to-peak values that are <0.2% and that compare favorably with commercial LIA performance.