ACCRINTM

Syntax:

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

Description: Computes the accrued interest for a security that pays interest at maturity.

Mathematical Formula:

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.

Arguments:

Name

Type

Description

issue

number

The security's issue date.

settlement

number

The security's settlement date.

rate

number

The security's annual coupon rate.

par

number

The security's par value. If omitted, 1,000 is used.

basis

number

The truncated integer type of day count basis to use, as follows:

Value

Day Count Basis

0 or omitted

US (NASD) 30/360

1

Actual/actual

2

Actual/360

3

Actual/365

4

European 30/360

Time information in the date arguments is ignored.

Return Type and Value: number – The accrued interest for a security that pays interest at maturity.

However, if

  • issue or settlement is out of range for the current date base value, #NUM! is returned

  • issue ≥ settlement, #NUM! is returned

  • rate or par ≤ 0, #NUM! is returned

  • basis < 0 or basis > 4, #NUM! is returned

example: