McLovin recently bought 100 shares of AAPL for $136/share. He is worried about buying at a high point, and therefore worried about a downturn in price. Assume he implements the appropriate option strategy that provides full insurance against AAPL falling, using an at-the-money option with a $8 premium. What is his total net profit or loss (accounting for the premium paid) if AAPL ends up at $198?