ACCRINTM function

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.

Issue     is the security's issue date.

Settlement     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

  • 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:

Equation

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.

ShowHow to copy an example

  • Create a blank workbook or worksheet.
  • Select the example in the Help topic.

 Note   Do not select the row or column headers.

Selecting an example from Help

Selecting an example from Help
  • Press CTRL+C.
  • In the worksheet, select cell A1, and press CTRL+V.
  • To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.
 
1
2
3
4
5
6
A B
Data Description
April 1, 2008 Issue date
June 15, 2008 Maturity date
10.0% Percent coupon
$1,000 Par value
3 Actual/365 basis (see above)
Formula Description (Result)
=ACCRINTM(A2,A3,A4,A5,A6) The accrued interest for the terms above (20.54795)
 
 
Applies to:
Excel 2007