Formulas and Functions

 settle: The trade settlement date. settle is a date/time value. The trade settlement
date is usually one or more days after the trade date.
 annual-rate: The annual coupon rate or stated annual interest rate of the security.
annual-rate is a number value and is either entered as a decimal (for example, 0.08)
or with a percent sign (for example, 8%).
 par: The face (par) or maturity value of the security. par is a number value. If
omitted (comma, but no value), par is assumed to be 1000.
 frequency: The number of coupon payments each year.
annual (1): One payment per year.
semiannual (2): Two payments per year.
quarterly (4): Four payments per year.
 days-basis: An optional argument specifying the number of days per month and
days per year used in the calculations.
30/360 (0 or omitted): 30 days in a month, 360 days in a year, using the NASD
method for dates falling on the 31st of a month.
actual/actual (1): Actual days in each month, actual days in each year.
actual/360 (2): Actual days in each month, 360 days in a year.
actual/365 (3): Actual days in each month, 365 days in a year.
30E/360 (4): 30 days in a month, 360 days in a year, using the European method for
dates falling on the 31st of a month (European 30/360).
Usage Notes
If  settle is before rst, the function returns the interest accrued since issue. If settle is
after rst, the function returns the interest accrued since the coupon payment date
that most immediately precedes settle.
Use ACCRINTM for a security that pays interest only at maturity. Â
Example 1
Assume you are considering the purchase of the hypothetical security described by the values listed.
The settlement date is assumed to be before the rst coupon date.
You could use the ACCRINT function to determine the amount of accrued interest that would be
added to the purchase/sale price. The function evaluates to $38.06, which represents the interest
accrued between the issue date and the settlement date.
issue rst settle annual-rate par frequency days-basis
=ACCRINT
(B2, C2, D2,
E2, F2, G2,
H2)
12/14/2008 07/01/2009 05/01/2009 0.10 1000 2 0
100 Chapter 6 Financial Functions