Membership - can I offer pay monthly & pay annually on the same subscription?

I have the membership premium plugin installed - can I offer pay monthly & pay annually on the same subscription?

My site offers three membership levels, free/low cost/premium - I want to be able to offer the low cost option on pay monthly as well as on pay annually as it currently is (without having to create a 4th membership option).

I just want the three membership options on the register page and when they click 'signup' - to be given the option to either pay monthly or annually within the pop up payment form via paypal. So in effect there would be two buttons on the signup form for each payment option.

Is this possible? It would be really helpful!