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.