Manuals/calci/ACCRINT

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

ACCRINT (Issue,FirstInterest,Settlement,Rate,Par,Frequency,Basis)

• where, $Issue$ is the security's issue date (a date when coupon or a bond is issued)
• $FirstInterest$ 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

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

Description

ACCRINT (Issue,FirstInterest,Settlement,Rate,Par,Frequency,Basis)

• 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.
• $Issue$, $FirstInterest$ 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.

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