Final answer:
To calculate the loan amount based on a monthly interest payment of $650 and an annual interest rate of 8%, the loan amount is approximately $97,014.92, which does not match the provided options.
Step-by-step explanation:
To find the amount of the loan using the given monthly interest payment and interest rate, we use the simple interest formula, where the monthly interest payment equals the product of the loan amount and the monthly interest rate. In this case, the interest rate is 8% annually, so the monthly interest rate is 0.08/12 which equals approximately 0.0067. Therefore, we can set up the equation: $650 = Loan Amount x 0.0067. Solving for the Loan Amount gives us Loan Amount = $650 / 0.0067, which equals $97,014.92. This is not one of the options provided, suggesting a possible typo in the options or that the monthly interest has been rounded.