# Excel Financial Functions

This page lists the built-in Excel Financial Functions. These functions perform many of the common financial calculations, such as the calculation of yield, interest rates, duration, valuation and depreciation.

The tables below list all the current built-in Excel Financial functions, grouped by category. Selecting a function name will take you to a full description of the function with examples of use and advice on common errors.

Note that some of the functions were first introduced in Excel 2013 and so are not available in earlier versions of Excel.

## Excel Financial Functions List

 Single Cash Flow Functions FVSCHEDULE Calculates the future value of an initial principal, after applying a series of compound interest rates PDURATION Calculates the number of periods required for an investment to reach a specified value (New in Excel 2013) RRI Calculates the interest rate required for an investment to grow to a specified future value (New in Excel 2013) Interest Rate Conversion Functions EFFECT Calculates the effective annual interest rate from a supplied Nominal interest rate and number of periods NOMINAL Calculates the annual nominal interest rate from a supplied Effective interest rate and number of periods Security 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 DURATION Calculates the Macauley duration of a security with an assumed par value of \$100 INTRATE Calculates the interest rate for a fully invested security MDURATION Calculates the Macauley modified duration for a security with an assumed par value of \$100 ODDFPRICE Calculates the price per \$100 face value of a security with an odd first period ODDFYIELD Calculates the yield of a security with an odd first period ODDLPRICE Calculates the price per \$100 face value of a security with an odd last period ODDLYIELD Calculates the yield of a security with an odd last period 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 RECEIVED Calculates the amount received at maturity for a fully invested Security 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 Coupon Date 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 Treasury Bill Functions TBILLEQ Calculates the bond-equivalent yield for a treasury bill TBILLPRICE Calculates the price per \$100 face value for a treasury bill TBILLYIELD Calculates the yield for a treasury bill
 Functions for a Series of Periodic Constant Cash Flows CUMIPMT Calculates the cumulative interest paid between two specified periods CUMPRINC Calculates the cumulative principal paid on a loan, between two specified periods FV Calculates the future value of an investment with periodic constant payments and a constant interest rate 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 NPER Returns the number of periods for an investment with periodic constant payments and a constant interest rate 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 PV Calculates the present value of an investment (i.e. the total amount that a series of future periodic constant payments is worth now) 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 Functions for a Series of Periodic Variable Cash Flows IRR Calculates the internal rate of return for a series of periodic 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 NPV Calculates the net present value of an investment, based on a supplied discount rate, and a series of periodic cash flows Functions for a Series of Non-Periodic Variable Cash Flows XIRR Calculates the internal rate of return for a schedule of cash flows occurring at a series of supplied dates XNPV Calculates the net present value for a schedule of cash flows occurring at a series of supplied dates Depreciation and Amortization 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 fixed-declining balance method DDB Calculates the depreciation of an asset for a specified period, using the double-declining balance method, or some other user-specified method SLN Returns the straight-line depreciation of an asset for one period SYD Returns the sum-of-years' 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 double-declining balance method or another user-specified method Dollar Conversion Functions 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

See the Microsoft Office website for an excellent article showing practical examples of the NPV and IRR functions.