ANNUITY IN ADVANCE
An amount which is annually paid at the start of a term. Rent is one of the classic example of the annuity in advance for the reason that it is a sum of money given at the start of the month to cover the next 30 days. The annuity in advance is also referred as an "annuity due."
Contrary to the annuity advance is the annuity in arrears (also referred as "ordinary annuity"). A mortgage payment is an example of the annuity in arrears. Similar to rent payments, mortgage payments also must be paid at the first of the month; But, the mortgage payment covers the principal on the mortgage loan and previous month's interest.
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