logistic_guy
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Determine whether or not each of the following situations describes an annuity. If the situation is not an annuity, explain why it is not.
\(\displaystyle \bold{1.}\) A car lease requires monthly payments of $235.94 for 5 years.
\(\displaystyle \bold{2.}\) Your cell phone bill.
\(\displaystyle \bold{3.}\) The money Adam pays for groceries each week.
\(\displaystyle \bold{4.}\) Ashok bought a guitar from his brother for $350. Since he didn’t have the money to pay for it up front, his brother agreed that he could pay him $25 a week until his payments add up to $350.
\(\displaystyle \bold{5.}\) Caries’ Candy Counter pays $1,400 a month in rent for its retail store.
\(\displaystyle \bold{6.}\) The rent for the Tastee Lard Donut Shoppe is $850 a month plus 2% of the monthly sales.
\(\displaystyle \bold{7.}\) Cheryl pays for her son’s day care at the beginning of every month. Her provider charges $35 for each day her son is scheduled to be there during the month.
\(\displaystyle \bold{8.}\) Every single morning, rain or shine, Cieran walks to his favorite coffee shop and buys a double redeye latte.
\(\displaystyle \bold{9.}\) According to their divorce decree, Terry is required to pay his ex-wife $590 a month in child support until their daughter turns 21.
\(\displaystyle \bold{10.}\) In response to her church’s annual stewardship campaign, Peggy pledged to make an offering of $20 each week.
\(\displaystyle \bold{1.}\) A car lease requires monthly payments of $235.94 for 5 years.
\(\displaystyle \bold{2.}\) Your cell phone bill.
\(\displaystyle \bold{3.}\) The money Adam pays for groceries each week.
\(\displaystyle \bold{4.}\) Ashok bought a guitar from his brother for $350. Since he didn’t have the money to pay for it up front, his brother agreed that he could pay him $25 a week until his payments add up to $350.
\(\displaystyle \bold{5.}\) Caries’ Candy Counter pays $1,400 a month in rent for its retail store.
\(\displaystyle \bold{6.}\) The rent for the Tastee Lard Donut Shoppe is $850 a month plus 2% of the monthly sales.
\(\displaystyle \bold{7.}\) Cheryl pays for her son’s day care at the beginning of every month. Her provider charges $35 for each day her son is scheduled to be there during the month.
\(\displaystyle \bold{8.}\) Every single morning, rain or shine, Cieran walks to his favorite coffee shop and buys a double redeye latte.
\(\displaystyle \bold{9.}\) According to their divorce decree, Terry is required to pay his ex-wife $590 a month in child support until their daughter turns 21.
\(\displaystyle \bold{10.}\) In response to her church’s annual stewardship campaign, Peggy pledged to make an offering of $20 each week.