Peg Gasperoni bought a $$50,000$ life insurance policy for $$160$ per year. Ryan Life Insurance Company sent her the following billing instructions along with a premium plan example:

"Your insurance premium notice will be mailed to you in a few days. You may pay the entire premium in full without a finance charge or you may pay the premium in installments after a down payment and the balance in monthly installments of $$40.$ The finance charge will be added to the unpaid balance. The finance charge is based on an annual percentage rate of $18\%."$

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