Michael Schweitzer gave a promissory note to Lennox Purcell in the amount of $85,000. When Schweitzer defaulted on the note, Lennox filed suit to recover the money he was owed. The parties signed a settlement agreement, according to which Schweitzer agreed to pay Purcell $38,000, along with interest at a rate of 8.5 percent over 24 months. The settlement agreement also stated that Schweitzer had to make the monthly payments at the beginning of each month, and that a late payment constituted...
