The ACCRINT function calculates the accrued interest for a security that pays interest on a periodic basis. It is categorized as a financial function in Excel.
ACCRINT(issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])
The ACCRINT function has the following arguments:
issue – Required. The date on which the security was issued.
first_interest – Required. The first date on which the interest was paid.
settlement – Required. The settlement date of the security. The date when an investor acquired the security after the issuance date.
rate – Required. The periodic coupon rate for the security.
par – Required. The face value of the security. If omits in the function, Excel will use $1,000.
frequency – Required. The frequency of coupon payments in a year.
[basis] – Optional. The day count basis to be used in the calculation. By default, Excel uses 0 Basis if omitted.
|Basis||Day count basis|
|0 or omitted||US (NASD) 30/360|
[calc_method] – Optional. If the date of settlement is later than the date of first_interest, it specified the method of calculation. use TRUE (1) to calculate accrued interest from issue to settlement date or FALSE (0) for first interest date to settlement date. If omitted, Excel uses TRUE (1) as the default value.
|#NUM!||rate ≤ 0|
|frequency is any number other than 1, 2, or 4|
|par ≤ 0|
|basis < 0 or basis > 4|
|issue ≥ settlement|
|#VALUE!||If dates are not valid|