Monthly compounding gives n=12, so divide the rate and multiply the time.
nr=120.048=0.004,nt=12⋅8=96
Apply the model with those values.
A=2500(1.004)96≈2500(1.46702)≈3667.55
Compounding once a year would give about 3637.73 dollars, and simple interest only 3460 dollars.