To find the percentage of games that the team has lost, we first need to determine how many games they lost.
The total number of games played is 12, and the number of games won is 8. Therefore, the number of games lost is:
\[ \text{Games lost} = \text{Total games} - \text{Games won} = 12 - 8 = 4 \]
Now, we can calculate the percentage of games lost:
\[ \text{Percentage of games lost} = \left( \frac{\text{Games lost}}{\text{Total games}} \right) \times 100 \]
Substituting in the values we have:
\[ \text{Percentage of games lost} = \left( \frac{4}{12} \right) \times 100 \]
Calculating \( \frac{4}{12} \):
\[ \frac{4}{12} = \frac{1}{3} \]
Now converting that to a percentage:
\[ \frac{1}{3} \times 100 \approx 33.33% \]
Thus, the percentage of games lost is approximately \( 33 \frac{1}{3} % \).
The correct answer is: 33 1/3%.