A person borrowed a certain sum at 8% p.a. simple interest and in 8 years, the interest accrued was ₹5,490 less than the sum borrowed. The sum was:

₹15,250

Let initial sum = P

We know,

Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)

P - 5490 = \(\frac{P × 8 × 8 }{100}\)

P - 5490 = \(\frac{64P }{100}\)

\(\frac{36P }{100}\) = 5490

P = 152.5 × 100 = Rs. 15250