The ACCRINT function calculates the accrued interest for a security that pays periodic interest.
What is a security?
A security that pays interest is a bond that investors use to loan money to a company or a government in exchange for interest payments. The interest rate is fixed and does not change over the life of the security.
What is accrued interest?
In finance, accrued interest is the interest on a bond that has accumulated since the last coupon payment.
What is periodic interest?
The interest payments are usually made periodically, such as every three, six months or twelve months, until the security matures and the principal amount is repaid.
Required. The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
rate
Required. The security's annual coupon rate.
par
Required. The security's par value. Default value is $1,000.
frequency
Required. The number of coupon payments per year.
frequency
payments
1
Annual
2
Semiannual
4
Quarterly
[basis]
Optional. The type of day count basis to use.
Basis
Day count basis
0 (default value)
US (NASD) 30/360
1
Actual/actual
2
Actual/360
3
Actual/365
4
European 30/360
[calc_method]
Optional. A logical value that specifies the way to calculate the total accrued interest when the date of settlement is later than the date of first_interest.
calc_method
Function returns
TRUE
Returns the total accrued interest from issue to settlement.
FALSE
Returns the accrued interest from first_interest to settlement. Default value.
The ACCRINT function may return a #VALUE! error if dates are entered as text values, the image above shows the #VALUE! error in cell C2.
Use the DATE function to enter dates (hard coded dates) in the ACCRINT function . For example, DATE(2018,3,1). The DATE function converts the specified year, month, and day to an Excel date (number).
The following formula shows how to use hard coded values in the ACCRINT function:
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