ACCRINTM (Calculates the accrued interest of a security in the case of one-off payment at the settlement date)

ACCRINTM - Calculates the accrued interest of a security in the case of one=off payment at the settlement date.


Syntax:

ACCRINTM(Issue;Settlement;Rate;Par;Basis)

Issue: issue date of the security.

Settlement: date at which the interest accrued up until then is to be calculated.

Rate: annual nominal rate of interest (coupon interest rate)

Par: par value of the security.

Basis: is chosen from a list of options and indicates how the year is to be calculated.

• 0 or missing - US Method (NASD), 12 months of 30 days each
• 1 - exact number of days in month, exact number of days in year
• 2 - exact number of days in month, year has 360 days
• 3 - exact number of days in month, year has 365 days
• 4 - European Method, 12 months of 30 days each

Example:

A security is issued on February 4, 2007. The maturity date is set for September 22, 2007. The Rate is 9% and Par is 1000 currency units. The basis of the daily/annual calculation is the daily balance (3). How much interest has accrued?

=ACCRINTM("2.4.2007"; "9.22.2007"; .09; 1000; 3) returns 56.71232877.

Note: The month, day, and year are separated by a period. Also the entire date must be in "".


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