I decided to have a border on the rug, so I removed a 2 inch wide section of tape around the perimeter of the rug.
I then taped the printed computer pages to the blank stencil and then used a utility knife (with a magazine under it to avoid cutting our rug) to cut out the stencil.
Next I centered the stencil on the rug, and taped off all areas that I wanted to protect from the spray paint.
I used a few coats of black spray paint that I had on hand already, and this was the final result:
I filled in the 'holes' in my letters using spray paint that I sprayed into the lid of the can I was using and a foam brush. Easy Peasy.
It ended up working out really well, and now I have the confidence to go forward with another painted rug project that I am SUPER excited about.
(Side note: The only thing that I would do differently next time is use a spray adhesive around the letters to avoid some of the 'smeared' look around the top of the B and the exclamation mark.)
Total cost for this project: $8