# Isn't Bull Put Spread's Maximum Loss = Spread Credit + Loss from sold call + Profit from bought call?

I don't grasp the blue difference below. If $$P \ge 48$$, isn't the investor's

Maximum loss = spread credit + $$\color{red}{\text{Loss from his sold 44C}} - \color{limegreen}{\text{profit from his purchased 48C}}$$. = spread credit + $$\color{red}{P - 44} - \color{limegreen}{(P - 48})$$
= spread credit + $$\color{limegreen}{48} - \color{red}{44}$$.

= The last line is wrong anyways, because $$3 -4 = -1$$.

Investor is bearish on stock XYZ when it is trading at \$50 per share and believes the stock price will decrease over the next month. The investor sells (writes) \$44 call and buys a \$48 call for a net credit of \$3. Best case scenario is if the stock price ends up at or below \$44 then the options expire worthless and the trader keeps the spread credit. Worst case scenario is if the stock price ends up at or above \$48 then the trader is down the spread credit minus (\$44 - \$48) amount.

Break even point = 44 strike + spread credit = \$44 + \$3 = \$47 Maximum Profit = Spread credit = \$3

Maximum Loss = Spread credit $$\color{CornflowerBlue}{- (\48 - \44)}$$ = \$3 - \$4 = \\$1