P & L >> An abbreviation for profit and loss statement.

PAR >> The principal amount of a mortgage with no premium or discount.

PARTNERSHIP >> An agreement between 2 or more individuals or entities to go into business or invest together. Either partner may bind the other, within the scope of the partnership. Each partner is liable for all the partnership?s debts.

PAY STUB >> The portion of the paycheck the employee retains for his/her records. The pay stub verifies pay-period and year-to-date gross and net earnings.

PAYMENT CHANGE DATE >> On an adjustable rate mortgage, this is the date the new mortgage payment is effective after an interest rate change. It is usually the 1st of the month following the interest rate change date.

PAYMENT SCHEDULE >> This schedule outlines the number of payments due, the amount of each payment and the date payments are due.

PENSION AWARD LETTER >> Documentation specifying the frequency and amount of pension payments an individual is eligible to receive.