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.