# Learning about the ACCRINTM Function in Excel

## ACCRINTM

Returns the accrued interest for a security that pays interest at maturity.

## ACCRINTM(issue; settlement; rate; par; [basis])

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.
• ACCRINT is calculated as follows:

• 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.

### Interactive Example

Change the data in the non-colored cells and see how the result changes in the yellow cells.