Lets first get the common difference = d.
Using,
an = a1 +d(n-1)
a8 = a1+ d(8-1)
60 = a1+7d
a12 = a1 + d(12-1)
48 = a1 + 11d
from these 2 equations we will get a1, d
subtracting them, we get
60-48 = 7d-11d = -4d
12 = -4d
d = -3.
and
60 = a1 + 7d = a1 + 7(-3) = a1 -21
a1 = 60+21 = 81.
now a40 = a1 + d(40-1) = 81 + (-3)39
a40 = -36.