Description
ACCRINT returns the total accrued interest for a security with periodic interest payments.
Overloads
ACCRINT (issueDate, firstInterestDate, settlementDate, rate, parValue, frequency)
ACCRINT (issueDate, firstInterestDate, settlementDate, rate, parValue, frequency, basis)
Arguments
issueDate is a
Date or
DateTime specifying when the security was issued.
firstInterestDate is a
Date or
DateTime specifying when the security makes its first interest payment.
settlementDate is a
Date or
DateTime specifying when the security was purchased.
rate is a positive number specifying the annual interest rate for the security.
parValue is a positive number or currency specifying the par value of the security.
frequency is a number specifying the number of coupons per year. The supported values are 1 (annual payments), 2 (semiannual payments), and 4 (quarterly).
basis is an optional number specifying the day basis system to use. The following types are supported:
0 - American 30/360 (default)
Action
ACCRINT returns the total accrued interest for a security with periodic interest payments. The value returned is the parValue multiplied by the interest rate multiplied by the number of years or portions of years between the issue date and the maturity date.
Example
Suppose a $10,000 bond issued on July 1, 1995 pays interest semiannually at 9.5% starting on September 1, 1995. This bond has a short odd period since the time between July and September is less than six months. The bond is then purchased on February 15, 2000 (the settlement date). A 30/360 basis will be used.
ACCRINT (DateValue(1995,7,1), DateValue(1995,9,1),DateValue(2000,2,15), 0.095, 10000, 2, 0)
This example returns $4391.11 (rounded to the nearest cent) as the total accrued interest. This value can be checked by adding up the number of full coupon periods and the fractional periods. There are eight six-month periods starting on September 1, 1995 and ending on September 1, 1999. The partial periods are the 60 days (using our basis) in the initial odd period and the 164 days leading up to the settlement date. So $10,000 x (8+224/180) = $4391.11.
Comments
This function is similar to the Excel function of the same name.