ACCRINT function
The ACCRINT function is one of the financial functions. It is used to calculate the accrued interest for a security that pays periodic interest.
Syntax
ACCRINT(issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])
The ACCRINT function has the following arguments:
| Argument | Description |
|---|---|
| issue | The issue date of the security. |
| first_interest | The date when the first interest is paid. |
| settlement | The date when the security is purchased. |
| rate | The annual coupon rate of the security. |
| par | The par value of the security. It is an optional argument. If it is omitted, the function will assume par to be $1000. |
| frequency | The number of interest payments per year. The possible values are: 1 for annual payments, 2 for semiannual payments, 4 for quarterly payments. |
| basis | The day count basis to use, a numeric value greater than or equal to 0, but less than or equal to 4. It is an optional argument. The possible values are listed in the table below. |
| calc_method | A logical value that specifies the way to calculate the accrued interest when the settlement date is later than the first_interest date. It is an optional argument. TRUE (1) returns the accrued interest from issue to settlement. FALSE (0) returns the accrued interest from first_interest to settlement. If the argument is omitted, TRUE is used by default. |
The basis argument can be one of the following:
| Numeric value | Count basis |
|---|---|
| 0 | US (NASD) 30/360 |
| 1 | Actual/actual |
| 2 | Actual/360 |
| 3 | Actual/365 |
| 4 | European 30/360 |
Notes
Dates must be entered by using the DATE function.
How to apply the ACCRINT function.
Examples
The figure below displays the result returned by the ACCRINT function.
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