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Stephen G. Kellison

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The Theory of Interest 3rd Edition

by Stephen Kellison (Author)

4.4 52 ratings

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The third edition of The Theory of Interest is significantly revised and expanded from previous editions. The text covers the basic mathematical theory of interest as traditionally developed. The book is a thorough treatment of the mathematical theory and practical applications of compound interest, or mathematics of finance. The pedagogical approach of the second edition has been retained in the third edition. The textbook narrative emphasizes both the importance of conceptual understanding and the ability to apply the techniques to practical problems. The third edition has considerable updates that make this book relevant to students in this course area.

ISBN-10

0073382442
ISBN-13

978-0073382449
Edition

3rd
Publisher

McGraw-Hill/Irwin
Publication date

February 7, 2008
Language

English
Dimensions

6.75 x 1.25 x 9.25 inches
Print length

660 pages
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Stephen G. Kellison
27
Hardcover
29 offers from $4.13
Samuel A. Broverman
54
Paperback
10 offers from $66.01
Donald G. Saari
19
Paperback
24 offers from $26.50
Stephen G. Kellison
Paperback
14 offers from $63.80

Product details

Publisher ‏ : ‎ McGraw-Hill/Irwin; 3rd edition (February 7, 2008)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 660 pages
ISBN-10 ‏ : ‎ 0073382442
ISBN-13 ‏ : ‎ 978-0073382449
Item Weight ‏ : ‎ 2.2 pounds
Dimensions ‏ : ‎ 6.75 x 1.25 x 9.25 inches

Best Sellers Rank: #2,210,936 in Books (See Top 100 in Books)
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4.4 52 ratings

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Stephen G. Kellison

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4.4 out of 5

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Mollie

Go for the Good - Hardback

Reviewed in the United States on April 5, 2017

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Getting a hardback book at the paperback book price was great!
Getting a copy that was in good versus new condition was ok as it dropped the price and notes in the margin helped me understand the material.

One person found this helpful

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Jozie Herrington

Makes financial math very easy to understand

Reviewed in the United States on January 13, 2016

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I took a class where this book was used and this book taught me everything I know about financial math. The teacher was very unclear but this book was super helpful & definitly helped me.

One person found this helpful

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Ching Lee

better than expected!

Reviewed in the United States on February 24, 2014

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Good services as they really packed the book to prevent it from any damage. And it it so much better than I ecpected.

Reviewed in the United States on December 27, 2014

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I hate this book. It still haunts the deepest parts of my mind. Essentially when I read something vile and wretched on Reddit, I think of this book. As an example, I was reading about this guy who ran over a flamingo and the first thought in my head was: "Wow, it'd probably take a 4-year semiannual coupon bond with a 4% yield where r=$1000" to cover that guy's bail.

But I never think about this book when it comes to happiness. Say when I look at pictures of cats, I don't consider whether the cat's expression reflects a Bull-spread or Bear-spread.

10 people found this helpful

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Amazon Customer

Five Stars

Reviewed in the United States on April 10, 2015

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Very good book on theory of ineterest. Nicely written.

Reviewed in the United States on August 21, 2016

Just what I need!

Highly mediocre book.

Reviewed in the United States on September 10, 2014

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This book is highly mediocre, at best. I am a mathematician, and have no complaints about the mathematics in the book. The theory presented within is mathematically sound. However, the presentation was found wanting. To give just a few examples of why this book does a poor job of teaching the concepts:

Lack of motivation. Every topic should start with some sort of motivating example. Given that the theory of interest has myriad applications, I find it difficult to understand why the author chose not to use a single example of why a particular topic is relevant to the real world.Chapter 1 starts off (section 1.2; the intro was section 1.1) with the accumulation function. We don't even see an example of the simplest kind of interest (i.e. simple interest) until section 1.4! The chapter _should_ have started with some examples of interest (simple interest, maybe even annual interest for a simple exponential model) to build the reader's intuition. With this already laid out, introducing the accumulation function becomes very natural.

2. The author introduces terms that "is not intuitively clear" (e.g. "effective" on page 5 -- a bit too early?). This should _not_ ever happen in any textbook whose goal is to teach! Had the author actually presented a few examples (using different periods such as a year vs. a month), "effective" could easily be explained by a need to have some way to do an apples-to-apples (i.e. yearly) comparison of different interest models.

Sometimes the mathematical explanations could have been made simpler. For example, on page 11, the author uses linear interpolation between two values (1+i)^n and (1+i)^(n+1). The formula he uses is (1-k)(1+i)^n + k(1+i)^(n+1) with 0<k<1. While mathematically sound, I cannot help but wonder: why not just use the formula of a line whose intercept is (1+i)^n and whose slope is precisely the effective rate i which was just derived 2 pages earlier?! It certainly (to me) makes it obvious where "linear" in linear interpolation comes from.

3. More details needed in earlier sections. It's one thing to leave out details for the readers to fill in for themselves when proving certain results in, say, Chapter 5 of a 13-chapter book. The idea is that by this late into the book, readers should already have a strong grasp of the simpler details of a proof or solution. However, when starting from scratch (if I may), the details need to be all there for clarity's sake. That is, proofs and solutions should spell out all the details not only for clarity, but pedagogically readers also have a reference on which they can base their own solutions or proofs.

This book is fine for those who have a strong background and are already familiar with the topics treated within. However, for beginners, this book does a poor job of presenting the theory of interest.

13 people found this helpful

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Amazon Customer

Five Stars

Reviewed in the United States on July 12, 2016

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Great book

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Abel Cano

La biblia del interés.

Reviewed in Mexico on May 12, 2022

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El mejor libro de texto en el mundo para aprender sobre el interés desde una perspectiva formal matemática y una herramienta de consulta increíble. Nunca me cansaré de recomendarlo.

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AD

Five Stars

Reviewed in Canada on May 8, 2018

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perfect

jonnybgude

Very good book, it really gets in to the details ...

Reviewed in the United Kingdom on November 17, 2014

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Very good book, it really gets in to the details of core financial mathematics. It wouldn't necessarily be the first port of call if you're new to the topic as it does assume knowledge of calculus etc, but if you have a good maths background this is an excellent text to use. The only negative is that it does not have many practice questions- the Schaum's outline of financial mathematics is very good for this. Overall, I highly recommend this book for anyone serious about studying the core concepts of financial maths- just be prepared to work hard.

Heber Castañeda

Excelente servicio

Reviewed in Mexico on July 23, 2022

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Estuvo Excelentemente

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Ranjit Navaratne

Five Stars

Reviewed in Canada on January 28, 2017

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