ACCRINT (Accrued interest)

ACCRINT - Returns the accrued interest for a security that pays periodic interest.

Syntax:

ACCRINT(Issue;First Interest;Settlement;Rate;Par;Frequency;Basis)

Issue: issue date of the security.

First interest: first interest 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.

Frequency: number of interest payments per year (1, 2 or 4).

• Yearly = 1
• Semiannually = 2
• Quarterly = 4

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 January 3, 2007. First interest is set for November 12, 2007. The settlement date is May 16, 2007. The Rate is 11% and Par is 1000 currency units. Interest is paid quarterly. The basis is the US method (0). How much interest has accrued?

=ACCRINT("1.3.2007"; "11.12.2007"; "5.16.2007"; 0.11; 1000; 4; 0) returns 40.63888889

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


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