ACCRINTM function

Description

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

Syntax

ACCRINTM(issue, settlement, rate, par, [basis])

The ACCRINTM function syntax has the following arguments:

• 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.

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.

• 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:

  ACCRINTM = par x rate x A/D

  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

Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.