Peg Gasperoni bought a $50,000 life insurance policy for $100 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 on you may pay the premium in installments after a down payment and the balance in monthly installments of $30. The finance charge will be added to the unpaid balance. The finance charge is based on an annual percentage rate of 15% The total number The monthly The balance subject totalmenta If the total And you put 1930 mm) o monthly to finance charge The total finance charge tor 1 installments policy premium in $ 100 200 300 will be down: $30.00 50.00 75.00 370.00 150.00 225.00 inalment before adding the finance charge will be $30.00 30.00 30.00 5 $ 1.75 5.67 32.84 price will be 103.75 205.67 Peg feels that the finance charge of $175 is in error. Check your answer. a. What is the actual finance charge for the first three months? (Round your answer to the nearest cent.) Finance Charge