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Title: Theory of Interest by Stephen G. Kellison ISBN: 0-256-09150-1 Publisher: McGraw-Hill/Irwin Pub. Date: 01 May, 1991 Format: Hardcover Volumes: 1 List Price(USD): $127.80 |
Average Customer Rating: 3.07 (14 reviews)
Rating: 5
Summary: Excellent book...
Comment: Kellison's book is an appraisal industry standard. and is highly recommended for use by others who want to know how interest rates are calculated. For students who need supplementary material, I would recommend a good mathematics of finance textbook such as the later editions by Cissell, et al. or Simpson, et al. both titled, amazingly, Mathematics of Finance. Another excellent book of a less academic nature is Carrington, The Book of Interest and Money. For those who would understand both the maths and the calculator keystrokes, try the best book ever written (opinionated, aren't I) on this subject: Greynolds, et al. Financial Analysis Using Calculators: Time Value of Money. This book was published in 1980 by McGraw-Hill, but hasn't been superceded, to my knowledge, by anything better. Also, a must read in connection with this subject is regulation Z of the Truth-in-Lending Act. Study these materials and you will never have the wool pulled over your eyes by your friendly local banker, real estate broker, car finance company, loan shark, or rent-to-own furniture dealer. In fact, you'll know much more than they do and will be able to catch their mistakes (and they make them).
Rating: 1
Summary: Just Awful
Comment: I'm a third-year undergraduate who has loved and excelled at mathematics my whole life. We're talking mostly A's and some B's all through an honors high school program and through advanced multivariable calculus in college.
I've decided to pursue actuarial work, and this fall I enrolled in a course called "Theory Of Interest," which is the introductory course for this subject at my university. The sole textbook for this course was (surprise) Kellison's "Theory Of Interest."
For starters, let's make perfectly clear that the pure math involved here is easy as pie. Anyone at this level should be able to do it in their sleep before they've even cracked open the book; arithmetic, algebra, and a smidge of some very basic and easy calculus. So this subject is all about learning the definitions and procedures and applying them to problem solving.
That said, I have never, ever, EVER had anything close to this much trouble with a mathematics course in my life, simply because I could not understand this textbook. As a highly detailed and analytical person, I rely heavily on the textbook to learn any subject. I expect to be taught the subject in a clear, comprehensive, logically sequenced manner, free of ambiguity and clutter. I expect to be given challenging problems free of ambiguity and confusing language. I expect the preceding chapter to prepare me for those problems.
This is the biggest train wreck of a math book I have ever read. Ambiguities abound. He convolutedly waxes poetic on inconsequential "observations" for PAGES (you can sense him giving himself a huge pat on the back for his scholarly flights of fancy) while leaving you frustrated to tears trying to find and decode basic explanations and definitions. I'd say that at least 40% of the problems have MAJOR ambiguities that make them literally impossible to know what he's asking (a previous reviewer gave a good example). You have to guess what he's asking and proceed from there. The combination of poor, confusing discourse followed by ambiguous, confusing problems is a potent 1-2 punch that will seriously discourage even the best of students.
My college professor actually called this book, and I quote, "revolting." (Why does he continue to use it for his class? You'll have to ask him; I myself have no idea.) Bottom line, don't even think about trying to learn this subject from this textbook unless a college course requires you to do so. Find the Cissell (I tracked down a copy halfway through my course and it helped immensely) and/or the Actex guides instead and/or ANYTHING else you can get your hands on. There's simply got to be a better way to learn the subject than this.
Rating: 2
Summary: So So
Comment: The book sells for astronomical price because SOA chooses it. It's simple and standard material and there's about half a million people in this country who qualifies to write. Unless somebody else pays for you, go for another book, or a simple study notes will do.
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Title: Price Theory and Applications by Steven E. Landsburg ISBN: 0324059795 Publisher: South-Western College Pub Pub. Date: 20 July, 2001 List Price(USD): $115.95 |
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Title: Principles of Corporate Finance by Richard A. Brealey, Stewart Myers ISBN: 0071151451 Publisher: McGraw Pub. Date: 01 July, 2002 |
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Title: Principles of Corporate Finance(R) + Student CD + Corporate Governance Trade Book + Standard & Poor's + Ethics in Finance PowerWeb by Richard A Brealey, Stewart C Myers, Richard Brealey, Stewart Myers ISBN: 0072940433 Publisher: McGraw-Hill/Irwin Pub. Date: 02 July, 2003 List Price(USD): $139.90 |
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Title: Principles of Corporate Finance by Richard A. Brealey, Behzad Razavi, Stewart C. Myers ISBN: 0072872225 Publisher: McGraw Hill College Div Pub. Date: July, 2002 List Price(USD): $163.30 |
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Title: Probability: The Science of Uncertainty with Applications to Investments, Insurance, and Engineering by Michael A. Bean ISBN: 0534366031 Publisher: Brooks Cole Pub. Date: 20 December, 2000 List Price(USD): $105.95 |
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