of periodic installment payments from the due date of the first installment payment to the date of the final maturity of the contract. (b) Retail installment contracts may provide for balloon-note financing. For the purpose of this Section, "balloon-note financing" means the manner of purchase whereby a consumer agrees to select and perform, at the conclusion of a predetermined schedule of installment payments made in periodic or monthly amounts, one of the following options: (1) satisfy the balance of the contractual amount owing; or (2) refinance any balance owing, on the terms previously agreed upon at the time of executing the retail installment contract. (c) Retail installment contracts may provide for deferred payment of a down payment provided any deferred portion of a down payment is payable not later than 10 days prior to the due date of the first regularly scheduled payment and is not subject to a finance charge. (d) Retail installment sales contracts may be precomputed or interest bearing. owing; or previously agreed upon at the time of executing the retail installment contract.
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