The Mathematics of Personal Finance: A Complete Reference Paperback – Sep 1999
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About the Author
Donald E. Lutz retired as a Principal Engineer and a Unit Manager in General Electric's Advanced Nuclear Technology Operation in San Jose, California. After studying engineering economics and applying it professionally, he took up personal financial mathematics and economics as a hobby.
A registered professional engineer in the states of California and Illinois, he holds a degree in mechanical engineering from Michigan State University. He has published many technical papers and magazine articles.
Most Helpful Customer Reviews on Amazon.com (beta)
To me it was an eye opener to see how financial math can be used to analyze most financial functions such as home mortgages, insurance policies, mutual fund rates of return, and consumer loans, as an aid in making important and informed financial decisions.
The book is easy to understand and there are many examples to demonstrate the applications. Also it is a good book for self teaching with many examples to work with answers provided to check results.
However, it is necessary to understand basic algebra and to have the ability to follow the examples that are quite comprehensive. The author shows how to use a Hewlett-Packard 12C financial calculator to perform the math. For those who can do this it will be quite rewarding. For example there is a method shown on how to easily save a significant amount of interest on one's home mortgage as well as check the progress of a variable interest rate loan if you have one. The book must be studied and the problems worked to get the full benefit. It cannot be read like a novel.
It has a chapter on annuities with an excellent illustration of the mathematics and taxation of annuties. The author commits one error in that he does not correctly define an ordinary annuity and an annuity due. But one can find those definitions on the internet. If you need to understand the mathematics of mortgages and annuities, this is a worthwhile purchase.
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