A fellow borrowed a certain sum of money at 4% per annum at simple interest and in 4 years the interest amounted to Rs.1260 less than the sum lent. What was the sum lent?
Choose the most appropriate option.
A) 1050 B) 1220 C) 1500 D) 1060 E) 1110

Rationale: "p - 1260 = ( p * 4 * 4 ) / 100 p = 1500 answer : c"
Answer: C