Financial, Commercial, and Mortgage Mathematics and Their Applications (REV UPD)

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Financial, Commercial, and Mortgage Mathematics and Their Applications (REV UPD)

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  • 製本 Hardcover:ハードカバー版/ページ数 436 p.
  • 言語 ENG,ENG
  • 商品コード 9781440830938
  • DDC分類 650.01513

Full Description

Ideal for college students in intermediate finance courses, this book uniquely applies mathematical formulas to teach the underpinnings of financial and lending decisions, covering common applications in real estate, capital budgeting, and commercial loans.* Lays the foundation of all the topics that are typically covered in a financial management textbook or class* Demonstrates how the mastery of a few basic concepts-such as the time value of money under all possible situations-allows for a precise understanding of more complex topics in finance* Describes how all advanced capital budgeting techniques can be reduced to the simplest technique-the payback period method* Examines traditional financial techniques using simple interest rate and accounting rate of return methods to conclusively show how these practices are now defunct

Table of Contents

Preface                                            xi
Section One Mathematical Foundation 1 (36)
Chapter One Mathematical Foundation 3 (34)
Introduction 3 (2)
Organization Of The Text 5 (1)
Basic Mathematical Tools 6 (1)
Introduction To Geometric Series 7 (7)
Introduction To Arithmetic Series 14 (1)
The Meaning Of The Number e 15 (1)
Exponential Functions And Logarithmic 16 (2)
Basic Differential Calculus 18 (8)
Taylor's Theorem 26 (2)
Problems 28 (8)
Summary 36 (1)
Section Two Time Value Of Money 37 (140)
Chapter Two The Time Value Of 39 (6)
Money-Conventions And Definitions
Conventions 40 (4)
Summary 44 (1)
Chapter Three Simple Rate Of Interest 45 (12)
Future Value Of An Amount 45 (2)
Present Value Of An Amount 47 (1)
Definition Of An Annuity 48 (1)
Future Value Of An Annuity 49 (3)
Present Value Of An Annuity 52 (1)
Problems With Solutions On Simple Rate Of 53 (3)
Summary 56 (1)
Chapter Four The Time Value Of Money With 57 (12)
Annual Compounding
Future Value Of An Amount 57 (3)
Present Value Of An Amount 60 (1)
Determining Target Interest Rates And 61 (1)
Finding The Unknown Period 62 (1)
Finding The Unknown Rate Of Interest 62 (6)
Summary 68 (1)
Chapter Five Time Value Of Money With An 69 (12)
Future Value Of An Annuity 69 (4)
Present Value Of An Annuity 73 (1)
Present Value Of Perpetuity 74 (1)
Mathematical Relationship Between Present 75 (2)
And Future Value Of An Annuity
Finding Unknowns K And N In Case Of 77 (3)
Summary 80 (1)
Chapter Six The Time Value Of Money With 81 (16)
Multiple Compounding Periods Per Year
Future Value Of An Amount 82 (3)
Present Value Of An Amount 85 (1)
Future Value Of An Annuity 86 (1)
Present Value Of An Annuity 86 (11)
Five-Minute Mathematics Of Time Value Of 92 (5)
Chapter Seven Continuous Compounding 97 (8)
Time Value Of Money Under Continuous 98 (5)
Summary 103(2)
Chapter Eight Special Topics In Time Value Of 105(24)
Obtaining The Time Value Of Money For 105(2)
Fractional Periods
Computing The Present And Future Values Of 107(2)
The Deposits Which Start m Periods Hence
Deposits (Or Dividends Or Any Future Income 109(1)
Or Expense) (Growing At A Constant Rate, g)
A Simple Procedure To Amortize A Loan 110(13)
Finding Time Value Of Money Using Financial 123(5)
Summary 128(1)
Chapter Nine Special Topics In Finance 129(48)
Time Value Of Money: The Case Of Arithmetic 129(2)
And Geometric Growth And Their Applications
Present Value Of A Series Of Cash Flow With 131(6)
Finite And Infinite Geometric Growth
Present Value Of Cash Flows With Arithmetic 137(2)
Special Cases Under Arithmetic Growth 139(3)
Application Of Arithmetic And Geometric 142(34)
Time Value Of Money Formulas 145(3)
Time Value Of Money Problems (Chapters 2 148(28)
To 9)
Suggested Readings 176(1)
Section Three Commercial Mathematics 177(36)
Chapter Ten Commercial Mathematics-I 179(16)
The Generalized Loan-Pricing Model 179(2)
From Borrower's Point Of View 181(1)
From Lender's Point Of View 182(13)
Computational Problems: Commercial 189(6)
Chapter Eleven Commercial Mathematics-II 195(18)
Add-On Interest Loans 195(3)
A Very Important Point 198(2)
Repayment Plans On Loans 200(4)
Level Principal And Interest On The Balance 204(8)
Computational Problems: Commercial 205(2)
Additional Problems: Commercial 207(5)
Suggested Readings 212(1)
Section Four Mortgage Mathematics 213(96)
Chapter Twelve Mortgage Mathematics 215(30)
Periodic Mortgage Payments 215(9)
Discount Points 224(4)
Fixed Rate Mortgage (FRM) Mathematics In 10 228(2)
A Quick Guide To Obtain Various Measures In 230(4)
Fixed Rate Mortgage Problems Using
Mortgage Theorems Under FRM 234(8)
Summary And Conclusion 242(1)
Notes 243(1)
Suggested Readings 243(2)
Chapter Thirteen Graduated Payment Mortgages 245(16)
Graduated Payment Mortgages With Constant 245(5)
Percentage Increases
Mortgage Balance Remaining Under The GPM 250(2)
Interest Expense Under The GPM 252(6)
Mortgage Theorems Under GPM 258(3)
Chapter Fourteen Graduated Payment Mortgages 261(10)
With Constant Percentage Increases Through A
Stipulated Period
Computation Of The Mortgage Balance 264(1)
Remaining Under TGPM
Separation Of Interest And Principal 265(2)
Payments And Computation Of Total Interest
Paid Under TGPM
Other Forms Of Graduated Payment Mortgages 267(2)
Summary 269(2)
Chapter Fifteen Adjustable Rate Mortgage (ARM) 271(10)
What Is An ARM? 271(1)
The Basic Features Of An ARM 272(6)
Types Of ARMS 278(3)
Chapter Sixteen Variable Rate Mortgage (VRM) 281(28)
What Is A VRM? 281(3)
Determination Of Interest Expense And 284(27)
Principal Remaining Under Adjustable Rate
Computational Problems: Mortgage 288(7)
More Computational Problems 295(9)
Theoretical Problems: Mortgage Mathematics 304(5)
Section Five Capital Budgeting 309(104)
Chapter Seventeen Capital Budgeting And 311(16)
Long-Term Resource Allocation
Required Inputs For The Capital Budgeting 312(1)
Determination Of The Effect Of Working 312(1)
Capital On Cash Flows
Estimation Of The Life Of The Project 313(1)
Estimation Of The Initial Investment 313(2)
Estimation Of Net Income 315(1)
Estimation Of Cash Flow 316(11)
Chapter Eighteen The Cost Of Capital 327(14)
The Cost Of Debt 327(6)
The Cost Of Preferred Stock 333(1)
The Cost Of Equity 334(5)
Note 339(2)
Chapter Nineteen Capital Budgeting Techniques 341(34)
Accounting Rate Of Return (ARR) Method 341(3)
The Payback Period Method 344(3)
The Net Present Value (NPV) Method 347(10)
The Internal Rate Of Return 357(10)
Problems With The Internal Rate Of Return 367(4)
Other Capital Budgeting Methods 371(4)
Chapter Twenty Relationship Between Payback 375(6)
Period And Net Present Value Methods
Payback And NPV Relationship For Projects 375(2)
With Level Cash Flows
Payback And NPV Relationship For Projects 377(1)
With Level Cash Flows But Differing
Discount Rates
Payback And NPV Relationship For Projects 378(2)
With Uneven Cash Flows
Summary 380(1)
Chapter Twenty-One A Simple Rule For Conflict 381(32)
Resolution For Mutually Exclusive Projects
The Net Present Value Rate Of Return Defined 382(3)
NPV And Rate Of Return Ranking Conflicts 385(1)
And Resolution
The Multiple IRR Problem 386(1)
Mutually Exclusive Projects Of The Same 386(3)
Scale, But Different Timing Of Cash Flows
Mutually Exclusive Project Ranking Of 389(2)
Different Scale
Variable Interest Rate Problem 391(2)
Unequal Lives 393(3)
Computational Problems: Capital Budgeting 396(17)
Section Six Teaching Tips 413(18)
Chapter Twenty-Two Teaching Tips 415(16)
Sum Of Arithmetic And Geometric Series 415(1)
Applications 416(7)
Concluding Remarks 423(1)
Appendix 423(4)
Note 427(1)
Suggested Readings 427(4)
Index 431