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?  Choose one.
A) 228 B) 279 C) 280 D) 500 E) 288
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?