The name for the type of arranged monthly payment that is made from a savings or retirement fund so that the balance may continue to draw interest is "annuity"
What is annuity?
A series of payments made at regular intervals is known as an annuity. Regular savings account deposits, monthly home mortgage payments, monthly insurance payments, and pension payments are all examples of annuities.
Thus, the name for the type of arranged monthly payment that is made from a savings or retirement fund so that the balance may continue to draw interest is "annuity"
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