Your local t-spirit store is having a sale on the latest i-razpod cell phone. the store is also offering financing to those who qualify. the new cell phone is on sale for $150.00 with a two year contract. the sales associate informs you that the closed-end installment loan offered by the store is a 24 month installment plan with monthly payments of $8.44. determine the finance charge (interest) of the installment loan.