Problem $5$: Option Strategy: Bear Spread

Suppose you buy one Texas Instruments August $85($strike price$)$ put contract quoted at $$8\mathrm{.}50$ per share and write one Texas Instruments August $80($strike price$)$ put contract quoted at $$6$ per share. The current price of a share of Texas Instruments stock is $$95.$ If$,$ at expiration, the price of a share of Texas Instruments stock is $$79,$ what would your profit$/$loss be$?($Options are sold in groups of $100$ shares and a premium is paid for each of those shares$).$ In addition, please draw the payoff graph of this strategy and explain when you will use this strategy. $(x$ axis is the stock price and $y$ axis is the bear spread profit$)$