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Excel Financial Functions
This page lists the current, builtin Excel Financial Functions. These functions have been provided
to perform many of the commonly used financial calculations, such as the calculation of yield,
interest rates, investment valuations, internal rate of return, payments and asset depreciation.
In the tables below, the financial functions have been grouped into categories, to help you to find the
function you need, to perform a specific task. Selecting a function name will take you to a full description
of the function with examples of use and details of common errors.
Excel Financial Functions List
Investment Value Functions

FV

Calculates the future value of an investment with periodic constant payments and a constant interest rate

FVSCHEDULE

Calculates the future value of an initial principal, after applying a series of compound interest rates

NPV

Calculates the net present value of an investment, based on a supplied discount rate,
and a series of future payments and income

PV

Calculates the present value of an investment
(ie. the total amount that a series of future payments is worth now)

RECEIVED

Calculates the amount received at maturity for a fully invested Security

XNPV

Calculates the net present value for a schedule of cash flows

Payment Functions

CUMIPMT

Calculates the cumulative interest paid between two specified periods

CUMPRINC

Calculates the cumulative principal paid on a loan, between two specified periods

IPMT

Calculates the interest payment for a given period of an investment, with periodic
constant payments and a constant interest rate

ISPMT

Returns the interest paid during a specified period of an investment

PMT

Calculates the payments required to reduce a loan, from a supplied present value to a specified future value

PPMT

Calculates the payment on the principal for a given investment, with periodic constant payments and a constant interest rate

Duration Functions

COUPDAYBS

Calculates the number of days from the beginning of the coupon period to the settlement date

COUPDAYS

Calculates the number of days in the coupon period that contains the settlement date

COUPDAYSNC

Calculates the number of days from the settlement date to the next coupon date

COUPNCD

Returns the next coupon date after the settlement date

COUPNUM

Returns the number of coupons payable between the settlement date and maturity date

COUPPCD

Returns the previous coupon date, before the settlement date

DURATION

Calculates the Macauley duration of a security with an assumed par value of $100

MDURATION

Calculates the Macauley modified duration for a security with an assumed par value of $100

NPER

Returns the number of periods for an investment with periodic constant payments and a constant interest rate

PDURATION

Calculates the number of periods required for an investment to reach a specified value
(New in Excel 2013)

Yield Functions

YIELD

Calculates the yield of a security that pays periodic interest

YIELDDISC

Calculates the annual yield of a discounted security

YIELDMAT

Calculates the annual yield of a security that pays interest at maturity

ODDFYIELD

Calculates the yield of a security with an odd first period

ODDLYIELD

Calculates the yield of a security with an odd last period

TBILLEQ

Calculates the bondequivalent yield for a treasury bill

TBILLYIELD

Calculates the yield for a treasury bill


Internal Rate of Return Functions

IRR

Calculates the internal rate of return for a series of cash flows

MIRR

Calculates the internal rate of return for a series of periodic cash flows,
considering the cost of the investment and the interest on the reinvestment of cash

XIRR

Calculates the internal rate of return for a schedule of cash flows

Asset Depreciation Functions

AMORDEGRC

Calculates the prorated linear depreciation of an asset for each accounting period
(with depreciation coefficient applied, depending on the life of the asset)

AMORLINC

Calculates the prorated linear depreciation of an asset for each accounting period

DB

Calculates the depreciation of an asset for a specified period, using the
fixeddeclining balance method

DDB

Calculates the depreciation of an asset for a specified period, using the
doubledeclining balance method, or some other userspecified method

SLN

Returns the straightline depreciation of an asset for one period

SYD

Returns the sumofyears' digits depreciation of an asset for a specified period

VDB

Returns the depreciation of an asset for a specified period, (including partial periods),
using the doubledeclining balance method or another userspecified method

Interest Rate Functions

ACCRINT

Calculates the accrued interest for a security that pays periodic interest

ACCRINTM

Calculates the accrued interest for a security that pays interest at maturity

DISC

Calculates the discount rate for a security

EFFECT

Calculates the effective annual interest rate

INTRATE

Calculates the interest rate for a fully invested security

NOMINAL

Calculates the annual nominal interest rate

RATE

Calculates the interest rate required to pay off a specified amount of a loan, or
reach a target amount on an investment over a given period

RRI

Calculates an equivalent interest rate for the growth of an investment
(New in Excel 2013)

Dollar Conversion

DOLLARDE

Converts a dollar price expressed as a fraction, into a dollar price expressed as a decimal

DOLLARFR

Converts a dollar price expressed as a decimal, into a dollar price expressed as a fraction

Price Functions

PRICE

Calculates the price per $100 face value of a security that pays periodic interest

PRICEDISC

Calculates the price per $100 face value of a discounted security

PRICEMAT

Calculates the price per $100 face value of a security that pays interest at maturity

ODDFPRICE

Calculates the price per $100 face value of a security with an odd first period

ODDLPRICE

Calculates the price per $100 face value of a security with an odd last period

TBILLPRICE

Calculates the price per $100 face value for a treasury bill


Further details of the Excel Financial functions are provided on the
Microsoft Office website.
Also, there is and excellent article showing practical examples of the
NPV and IRR functions.