annuity
noun
- financial contract which provides an income stream in return for an initial payment with specific parameters
- series of payments made at equal intervals
Wiktionary
Pronunciation: /əˈn(j)uɪti/
noun
Etymology: From French annuité, from Medieval Latin annuitās, from Latin annuus (“annual”). Cf. annuality.
- A right to receive amounts of money regularly over a certain fixed period, in perpetuity, or, especially, over the remaining life or lives of one or more beneficiaries.