Meaning of the word: Principal
Principal financial is the amount that the debtor's borrowed from the lender. The reward for providing this amount is interest for the lender, which is usually added to the regular payments. Interest and default interest are accessories of the principal. The relationship between the lender and the borrower must be specified in the agreement.
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FROM DICTIONARY
Contractual penalty
Contractual penalty is a penalty that is listed directly in the contract between the client and the bank institutions. As for sanctions, the bank may…
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