Final answer:
Calculating the percentage profit on a loan requires information about the total amount repaid versus the original loan amount; however, the provided information seems insufficient as it indicates only partial repayment with no mention of interest, suggesting that key details are missing to solve this problem.
Step-by-step explanation:
To determine the percentage profit on the loan, we should first calculate the total amount of money paid back and then compare it with the original loan amount. The student paid 2 monthly payments of $60 each in 1.5 years, which equates to a total of $120 paid back.
As the loan amount was $800, and the total payment made was $120, there is no profit, but rather the remaining balance of the loan would be $680 assuming no interest or fees are involved. This, however, contradicts typical loan scenarios as normally there would be interest making the total repayment greater than the initial loan. Therefore, we are missing information to accurately compute the profit (or more commonly, the interest) on this loan.