Notional Principal Amount

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Definition of 'Notional Principal Amount'
In an interest rate swap, the predetermined dollar amount on which the exchanged interest payments are based.

Investopedia explains 'Notional Principal Amount'
Each period's rates are multiplied by the notional principal amount to determine the value of each counterparty's payment.

 

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Definition of 'Notional Value'
The total value of a leveraged position's assets. This term is commonly used in the options, futures and currency markets because a very small amount of invested money can control a large position (and have a large consequence for the trader).

Investopedia explains 'Notional Value'
For example, one S&P 500 Index futures contract obligates the buyer to 250 units of the S&P 500 Index. If the index is trading at $1,000, then the single futures contract is similar to investing $250,000 (250 x $1,000). Therefore, $250,000 is the notional value underlying the futures contract.