A person lent a certain sum of money at 4% per annum at simple interest and in 8 years the interest amounted to Rs.340 less than the sum lent. What was the sum lent? Select the correct option.
A) 287 B) 278 C) 296 D) 500 E) 297
P - 340 = (P*4*8)/100   P = 500   Answer:500
<result>D</result>
A person lent a certain sum of money at 4% per annum at simple interest and in 8 years the interest amounted to Rs.340 less than the sum lent. What was the sum lent?