general mathematics - annuity

• annuity


  a sequence of payments made at equal intervals or periods of time
• term of an annuity


  time between the first payment interval and last payment interval.
• payment interval


  time between successive payments
• future value


  sum of future values of all the payments made during the entire term of the annuity
• regular or periodic payment


  amount of each payment
• present value of an annuity


  sum of present values of all the payments to be made during the entire term of the annuity
• simple annuity


  payment interval is the same as interest period
• general annuity


  payment interval is not equal to interest period
• ordinary annuity


  payments are made by the end of each payment interval
• annuity due


  payments are made by the beginning of each payment interval
• annuity certain


  payments begin and end at definite times
• annuity uncertain


  payable for an indefinite duration
• contingent annuity


  payments extend for an indefinite amount of time
• deferred annuity


  payment is neither made at the beginning nor at the end of each payment period
• perpetuities


  payments which are to run indefinitely