In an ordinary annuity, payments are made or received _________ of each period.

The other options are incorrect because:

• In an annuity due, payments are made or received at the end of each period.
• In a deferred annuity, payments do not begin until after a certain period of time.
• In a balloon annuity, the final payment is larger than the other payments.

An ordinary annuity is the most common type of annuity. It is simple to understand and calculate, and it is a good option for people who want to receive regular income for a period of time.