Excel 2000 in a Nutshell

Name

ACCRINTM

Synopsis

If you have a security that pays all interest when it matures, you can use ACCRINTM (an Analysis ToolPak function) to determine the amount of interest you will receive. To use this function you need to know the issue date of the security, when it matures, the rate used to calculate the interest, and the count basis used to perform the interest calculations.

To Calculate

=ACCRINTM(Issue, Maturity, Rate, Par, Settlement, Basis)

The Par and Basis arguments are optional. All other arguments require a value.

Settlement

Although the name of the argument is Settlement, the function is expecting this argument to contain the date when the security will mature. The argument can be an actual date, a cell reference (e.g., A3), or the results of another function.

Rate

Specifies a decimal value that indicates the rate that is used to determine the amount of interest received for the security.

Par

The Par argument is optional. It specifies the original value of the security. If this argument is omitted, the function uses a value of $1000.

Example

Figure 12-1 illustrates how ACCRINTM can be used to determine the total amount of interest accrued on a security between the date it was issued and the maturity date.