The Excel Price function calculates the price, per $100 face value of a security that pays periodic interest.
The syntax of the function is:
Where the arguments are as follows:
settlement    The settlement date of the security (i.e. the date that the coupon is purchased).  
maturity    The maturity date of the security (i.e. the date that the coupon expires).  
rate    The security's annual coupon rate.  
yld    The annual yield of the security.  
redemption    The security's redemption value per $100 face value.  
frequency    The number of coupon payments per year. This must be one of the following:
 
[basis]    An optional integer argument which specifies the financial day count basis that is used by the security. Possible values are:  
 
The financial day count basis rules are explained in detail on the Wikipedia Day Count Convention page 
Warning: If you enter text representations of dates into Excel functions, the interpretation of these can vary, depending to the date system and date interpretation settings on your computer. Therefore, the settlement and maturity dates should be entered into the Price function as either:
In the following example, the Excel Price function is used to calculate the price per $100 face value of a security purchased on 01Apr2012, with maturity date 31Mar2020 and a rate of 12%. The yield is 10% and the redemption value is $100. Payments are made semiannually and the US (NASD) 30/360 day count basis is used:
A  B  

1  Settlement Date:  01Apr2012 
2  Maturity Date:  31Mar2020 
3  =PRICE( B1, B2, 12%, 10%, 100, 2 ) 
The above function returns the value 110.8344836.
I.e. a security with the above terms would be valued at $110.83.
Note that, in the above example:
For further examples of the Excel Price function, see the Microsoft Office website.
If you get an error from the Price function, this is likely to be one of the following:
#NUM!    Occurs if either:

#VALUE!    Occurs if either:
