A person lent a certain sum of money at 5% per annum at simple interest and in 8 years the interest amounted to $360 less than the sum lent. What was the sum lent?
Choose the correct choice.
A) 540
B) 560
C) 580
D) 600
E) 680
P - 360 = (P*5*8)/100   P = 600   The answer is 600.
<result>D</result>
A person lent a certain sum of money at 5% per annum at simple interest and in 8 years the interest amounted to $360 less than the sum lent. What was the sum lent?