the other answer I found wasn't very helpful so hopefully someone else can explain it better?

You are the holder of a put option contract over ZYX Ltd shares, which has an exercise price of $7.50. Assume you paid an option price of $0.25 per share, and you will hold the contract to expiry. Indicate whether you would exercise the contract if the expiry date price of ZYX Ltd shares was: (a) $7.00,(b) $7.50 or (c) $8.00. Calculate the total dollar amount of profit or loss in each scenario