ACCRINTM

See Also

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

If this function is not available, and returns the #NAME? error, install and load the Analysis ToolPak add-in.

How?

Syntax

ACCRINTM(issue,maturity,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.

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.

• 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:

  

  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

The example may be easier to understand if you copy it to a blank worksheet.

How?