ACCRINT
The ACCRINT function returns the accrued interest on a security that pays periodic interest. The amount returned is the total interest accrued since the issue date, not the amount accrued since the last coupon payment.
ACCRINT(issue, first, settle, annual-rate, par, frequency, days-basis)
issue: A date/time value or date string representing the date the security was originally issued.
first: A date/time value or date string representing the date of the first interest payment. first must be after the date specified for issue.
settle: A date/time value or date string representing the trade settlement date, usually one or more days after the trade date. settle must be after the date specified for issue.
annual-rate: A number value representing the annual coupon rate or stated annual interest rate of the security used to determine periodic interest payments. annual-rate must be greater than 0, and is entered as a decimal (for example, 0.08) or with a per cent sign (for example, 8%).
par: A number value representing the par (face) or maturity value of the security. par is commonly a number like 100, 1,000 or 1,000,000. If par is omitted (comma, but no value), par is assumed to be 1,000.
frequency: A modal value specifying the number of coupon or periodic interest payments each year.
annual (1): One payment per year.
semi-annual (2): Two payments per year.
quarterly (4): Four payments per year.
days-basis: An optional modal value specifying the number of days per month and days per year (days-basis convention) 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.
Notes
The currency shown in this function result depends on your Language and Region settings (in System Preferences in macOS and in Settings in iOS and iPadOS), or on your Time Zone and Region settings in iCloud Settings.
Example 1 |
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Suppose you are considering the purchase of a hypothetical security. The security was issued on 14 December 2008 (issue), has a first coupon payment date of 1 July 2009 (first), will settle on 1 May 2009 (settle), pays interest at an annual rate of 10% (annual-rate) semi-annually (frequency), has a face value of $1,000 (par), and interest is calculated based on a 30/360 days basis (days-basis). Note that in this example, the settlement date is assumed to be before the first coupon date. =ACCRINT (“14/12/2008”, “01/07/2009”, “01/05/2009”, 0.10, 1000, 2, 0) returns approximately 38.0555555555556, which represents the interest accrued between the issue date and the settlement date. |
Example 2 |
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Suppose you are considering the purchase of the same hypothetical security described in Example 1, except that the settlement date is 15 September 2009, after the first coupon date. =ACCRINT (“14/12/2008”, “01/07/2009”, “15/09/2009”, 0.10, 1000, 2, 0) returns approximately 75.2777777777778, which represents the interest accrued between the issue date and the settlement date. |