The Excel Accrintm function returns the accrued interest for a security that pays interest at maturity.
The syntax of the function is :
Where the arguments are as follows:
|issue||-||The issue date of the security|
|settlement||-||The security's maturity date|
|rate||-||The security's annual coupon rate|
The security's par valueIf omitted, [par] takes the default value of $1,000
An optional argument, that specifies the day count basis to be used in the calculation.Possible values of basis and their meanings are:
Note that Microsoft advises that you do not type dates directly into functions, as Excel may interpret text representations of dates differently, depending on the date interpretation settings on your computer. Therefore the issue and settlement dates should be input as either:
The following spreadsheet shows an example of the Excel Accrintm function being used to calculate the accrued interest of a security that pays interest at maturity. The security has an issue date of 01-Jan-2012 and a settlement date of 31-Dec-2012. The annual coupon rate is 8% and the par value of the security is $10,000. The US (NASD) 30/360 day count basis is used.
Accrued interest on a security with an issue date
of 01-Jan-2012 and a settlement date of 31-Dec-2012.
The annual coupon rate is 8%, the par value of
the security is $10,000 and a US (NASD) 30 / 360
day count basis is used:
|2||settlement date:||31-Dec-2012||=ACCRINTM( B1, B2, 8%, 10000 )|
The above function gives the result $800
Note that, in the example above, the [basis] argument is omitted, and therefore takes the default value of 0 (US (NASD) 30/360 basis).
Further examples of the Excel Accrintm function can be found on the Microsoft Office website.
If you get an error from the Excel Accrintm function, this is likely to be one of the following:
|#VALUE!||-||Occurs if the supplied issue or settlement arguments are not valid dates|
Occurs when Analysis ToolPak add-in is not enabled in your Excel.