ACCRINTM

ACCRINTM

Returns the accrued interest for a security that pays interest at maturity.

If this function is not available, run the Setup program to install the Analysis ToolPak. After you install the Analysis ToolPak, you must enable it by using the Add-Ins command on the Tools menu.

Syntax

ACCRINTM(issue,maturity,rate,par,basis)

Issue   is the security's issue date.

Maturity   is the security's maturity date.

Rate   is the security's annual coupon rate.

Par   is the security's par value. If you omit par, ACCRINTM uses $1,000.

Basis   is 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

  • Issue, settlement, and basis are truncated to integers.
  • If any argument is nonnumeric, ACCRINTM returns the #VALUE! error value.
  • If issue or settlement is not a valid date, ACCRINTM returns the #NUM! 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 ³ settlement, ACCRINTM returns the #NUM! error value.
  • ACCRINTM is calculated as follows:

    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

A note has the following terms:

April 1, 1993, issue date
June 15, 1993, maturity date
10.0 percent coupon
$1,000 par value
Actual/365 basis

The accrued interest (in the 1900 date system) is:

ACCRINTM("4/1/93","6/15/93",0.1,1000,3) equals 20.54795