The question can not be answered.
Using statement(1) -> you cant say anything about the number of people who scored below the average score on the exam.
Suppose 12 people get 86 marks each (which could be anything between 86 and 100 both inclusive), then there can be many scenarios:
1. Out of 8 people remaining, 7 people get 85 and 1 person gets 73.
2. 6 - 85 marks each, 2 - 158 marks(together)...similarly we can think of other combination.
Using statement(2) - Again many combination:
1. Lowest 8 scorers getting 80 each.
2. 7 people getting 85 marks each and last one getting 45 and so on.....
Using both the statement also we can not answer this question. Because both the statements say the same thing : lowest 8 scores sum to less than 680. First statement says highest 12 scores sum to more than 1020 and second one says lowest 8 scores sum to 640.So, even both the statements together are not sufficient to answer this question.