AGENCY Definition

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AGENCY is the relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.

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LUMP-SUM is an agreed upon sum of money, which is paid in full settlement all at one time.

CAPITALIZED INTEREST is the accrued interest added to the principal balance of a loan while you are not making payments or your payments are insufficient to cover both the principal and interest due. When this occurs, you are paying interest on interest, sometimes called "negative amortization".

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