A person lent a certain sum of money at 5% per annum at simple interest and in 8 years the interest amounted to $420 less than the sum lent. What was the sum lent?	Choose the correct choice from the following answers:
A) 500
B) 600
C) 700
D) 800
E) 900
P - 420 = (P*5*8)/100   P = 700   The answer is 700.
<result>C</result>
A person lent a certain sum of money at 5% per annum at simple interest and in 8 years the interest amounted to $420 less than the sum lent. What was the sum lent?