[java] What is the equivalent to a JavaScript setInterval/setTimeout in Android/Java?

I was creating a mp3 player for android, I wanted to update the current time every 500ms so I did it like this

setInterval

private void update() {
    new android.os.Handler().postDelayed(new Runnable() {
        @Override
        public void run() {
            long cur = player.getCurrentPosition();
            long dur = player.getDuration();
            currentTime = millisecondsToTime(cur);
            currentTimeView.setText(currentTime);
            if (cur < dur) {
                updatePlayer();
            }

            // update seekbar
            seekBar.setProgress( (int) Math.round((float)cur / (float)dur * 100f));
        }
    }, 500);
}

which calls the same method recursively

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