ACCRINTM function

This article describes the formula syntax and usage of the ACCRINTM function (function: A prewritten formula that takes a value or values, performs an operation, and returns a value or values. Use functions to simplify and shorten formulas on a worksheet, especially those that perform lengthy or complex calculations.) in Microsoft Excel.

Description

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.

The ACCRINTM function syntax has the following arguments (argument: A value that provides information to an action, an event, a method, a property, a function, or a procedure.):

  • 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.
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.
  • 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

The workbook below shows examples of this function. Inspect them, change existing formulas, or enter your own formulas to learn how the function works.

To work more in-depth with the example data in Excel, download the embedded workbook to your computer, and then open it in Excel.

 
 
Applies to:
Excel 2013, Excel Online