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 correct choice from the following answers:
A) 700  B) 800  C) 900  D) 1000  E) 1100

Rationale: "p - 480 = ( p * 5 * 8 ) / 100 p = 800 the answer is b ."
Answer: B