Let's roll up our sleeves and solve this. We have 501 and we're going to multiply it by 8, essentially adding 501 to itself 8 times.
Step 1: 0 + 501 = 501
Step 2: 501 + 501 = 1002
Step 3: 1002 + 501 = 1503
Step 4: 1503 + 501 = 2004
Step 5: 2004 + 501 = 2505
Step 6: 2505 + 501 = 3006
Step 7: 3006 + 501 = 3507
Step 8: 3507 + 501 = 4008

So, 501*8 = 4008