Examlex
The highest point on a summer beach profile is:
Principal
A main party to a transaction, such as the owner of a business or the party who has authorized an agent to act on their behalf.
Interest
The cost of borrowing money, typically expressed as a percentage of the principal, paid by the borrower to the lender for the use of their money.
Nonnegotiable Instrument
A financial document or contract that cannot be transferred or assigned to another party as easily as a negotiable instrument.
Mortgage
A secured loan agreement where the borrower pledges real property to the lender as collateral for the loan, which becomes void upon payment in full.
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