Manuals/calci/ACCRINT

ACCRINT(issue, FI, settlement, rate, par, frequency, basis, method)

• where, $issue$ is the security's issue date (a date when coupon or a bond is issued)
• $FI$ is the first interest date
• $settlement$ is the security's settlement date (a date when coupon or a bond is purchased)
• $rate$ is the security's annual coupon rate
• $par$ is the security's par value
• $frequency$ is the number of coupon payments per year
• $basis$ is the type of day count basis to use
• $method$ a logical value that specifies how to calculate total accrued interest when settlement is later than first interest date.

ACCRINT() calculates the accrued interest for the security that pays periodic interest.

Description

ACCRINT(issue, FI, settlement, rate, par, frequency, basis, method)

• Accrued interest is the interest accumulated on a bond since the last interest payment up to, but not including, the settlement date.
• $settlement$ is the date after issue date when security or bond is purchased by customer.
• $issue$, $FI$ and $settlement$ dates should be entered either in 'date format' or 'dates returned using formulas'. If dates are not valid, Calci displays #N/A error message.
• If $issue$ >= $settlement$, Calci displays #N/A error message.
• If $par$ is omitted, Calci displays #N/A error message.
• If $rate$ <=0 or $par$ <=0, Calci displays #N/A error message.
• The values for $frequency$ should be 1,2 or 4.

For Annual payment, frequency = 1,

For Semi-annual payment, frequency = 2,

For Quarterly payment, frequency = 4.

• $basis$ value is optional. If omitted, Calci assumes it to be 0.

Below table shows the use of $basis$ values:

Basis	Description
0	US (NASD) 30/360
1	Actual/actual
2	Actual/360
3	Actual/365
4	European 30/365

• If $basis$ value is other than 0 to 4, Calci displays #N/A error message.
• $method$ can be TRUE or FALSE. If omitted, Calci assumes it to be TRUE.
• If $method$ = TRUE, it calculates total accrued interest from issue to settlement.
• If $method$ = FALSE, it calculates total accrued interest from first interest to settlement.

Examples

Consider the following example that shows the use of ACCRINT function:

4/1/2010
10/31/2010
6/1/2010
20%
500
2
0

=ACCRINT(A1,A2,A3,A4,A5,A6,A7) displays 16.667 as a result.
=ACCRINT(DATE(2010,3,5),A2,A3,A4,A5,A6,A7,FALSE) displays 23.889 as a result.

Related Videos

ACCRINT

See Also

• DURATION

References

• Accrued Interest
• Day Count Basis

• List of Main Z Functions

• Z3 home