Rather than setting up and solving equations from scratch, we can use the fact that the altitude of 8 cm strongly suggests a well-known Pythagorean triple is at play, and then verify it against the given perimeter.
The multiple of the 3-4-5 triple that contains an 8 is 6-8-10 (scaling 3-4-5 by 2). If the altitude, one leg of the right triangle formed by the altitude, half the base, and the equal side, is 8, and the equal side (hypotenuse) is 10, then half the base is 6, making the full base 12.
Let's check whether this fits the given perimeter: the two equal sides would be 10 each, and the base 12, giving a perimeter of \(10+10+12=32\) cm, which matches the given perimeter exactly.
So the base is 12 cm and the altitude is 8 cm. The area is:
\[ \text{Area} = \frac{1}{2}\times\text{base}\times\text{height} = \frac{1}{2}\times12\times8 = 48 \text{ cm}^2 \]Checking the other options: 60, 70, and 80 would all require a larger base than 12 for the same altitude of 8, but a larger base pushes the perimeter above 32 cm once the equal sides are recalculated using the Pythagorean theorem, so none of those areas are consistent with the given perimeter.
Therefore, the correct answer is 48.