A person lent a certain sum of money at 5% per annum at simple interest and in 8 years the interest amounted to $480 less than the sum lent. What was the sum lent?	Choose the most appropriate option: A) 700 B) 800 C) 900 D) 1000 E) 1100
P - 480 = (P*5*8)/100   P = 800   The answer is 800.
<result>B</result>
A person lent a certain sum of money at 5% per annum at simple interest and in 8 years the interest amounted to $480 less than the sum lent. What was the sum lent?