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ACCRINTM function
Objective : This article describes the formula syntax and
usage of the ACCRINTM function (function: A prewritten formula that takes a
value or values, performs an operation, and returns a value or values. Use
functions to simplify and shorten formulas on a worksheet, especially those
that perform lengthy or complex calculations.) in Microsoft Excel.
Description
Returns the accrued interest for a security that pays
interest at maturity.
Syntax
ACCRINTM(issue, settlement, rate, par,
[basis])Important Dates should be entered
by using the DATE function, or as results of other formulas or functions. For
example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur
if dates are entered as text.
The ACCRINTM function syntax has the following arguments
(argument: A value that provides information to an action, an event, a method,
a property, a function, or a procedure.):
Issue Required. The
security's issue date.
Settlement Required.
The security's maturity date.
Rate Required. The
security's annual coupon rate.
Par Required. The
security's par value. If you omit par, ACCRINTM uses $1,000.
Basis Optional. The
type of day count basis to use.Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360
Remarks
Microsoft Excel stores dates as sequential serial numbers so
they can be used in calculations. By default, January 1, 1900 is serial number
1, and January 1, 2008 is serial number 39448 because it is 39,448 days after
January 1, 1900. Microsoft Excel for the Macintosh uses a different date system
as its default.
Issue, settlement, and basis are truncated to integers.
If issue or settlement is not a valid date, ACCRINTM returns
the #VALUE! error value.
If rate ≤ 0 or if par ≤ 0, ACCRINTM returns the #NUM! error
value.
If basis < 0 or if basis > 4, ACCRINTM returns the
#NUM! error value.
If issue ≥ settlement, ACCRINTM returns the #NUM! error
value.
ACCRINTM is calculated as follows:
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where:
A = Number of accrued days counted according to a monthly
basis. For interest at maturity items, the number of days from the issue date
to the maturity date is used.
D = Annual Year Basis.
Example
