How to setup purchased ringtone?

I just purchases a ringtone from the iTunes store on my iPhone 5.
How do I set it up as my default ringtone?
When I go to "Settings", "Sounds", "Ringtone", it just shows the default tones that come with the phone. It doesn't even show the ringtone I just purchased nor does it say anything about setting a custom tone.
How would I go about doing this?

Http://www.ehow.com/how_7392879_set-custom-iphone-ringtones.html

http://ipod.about.com/od/phonefeatures/ht/iphone-ringtone.htm

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