ACCRINTM function

This article describes the formula syntax and usage of the ACCRINTMfunction 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:

  • 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:

    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.

How do I copy an example?

  1. Select the example in this article. If you are copying the example in Excel Online, copy and paste one cell at a time.
    Important: Do not select the row or column headers.

    selecting an example from help

    Selecting an example from Help

  2. Press CTRL+C.

  3. Create a blank workbook or worksheet.

  4. In the worksheet, select cell A1, and press CTRL+V. If you are working in Excel Online, repeat copying and pasting for each cell in the example.
    Important: For the example to work properly, you must paste it into cell A1 of the worksheet.

  5. 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.

  6. After you copy the example to a blank worksheet, you can adapt it to suit your needs.

1

2

3

4

5

6

7

8

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)

Note    In Excel Online, to view the result in its proper format, select the cell, and then on the Home tab, in the Number group, click the arrow next to Number Format, and click General.

Applies To: Excel 2010, Excel Starter, Excel Online, SharePoint Online



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