Documentation/Calc Functions/ACCRINTM

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Function name:

ACCRINTM

Category:

Financial Analysis

Summary:

Calculates the accrued interest for a security that pays interest on maturity.

Syntax:

ACCRINTM(Issue; Settlement; Rate[; Par[; Basis]])

Returns:

Returns a positive real number which is the accrued interest, expressed in the same currency units that were used for the security’s par value.

Arguments:

Issue is a date or a reference to a cell containing that date which is the issue date of the security.

Settlement is a date or a reference to a cell containing that date which is the date at which the interest accrued up until then is to be calculated.

Rate is a positive real number (expressed as a percentage or fraction) or a reference to a cell containing that number which is the annual nominal rate of interest (coupon rate).

Par is a positive real number or a reference to a cell containing that number which is the par value of the security. If Par is omitted, the function uses the value 1,000.

Basis is a positive integer from 0 to 4 or a reference to a cell containing that integer which is chosen from a list of options and indicates how the year is to be calculated. For more information, visit Wikipedia's Day count convention page.

Basis Calculation
0 or missing US method (NASD), 12 months of 30 days each
1 Exact number of days in months, exact number of days in year.
2 Exact number of days in month, year has 360 days.
3 Exact number of days in month, year has 365 days.
4 European method, 12 months of 30 days each.


  • If either of Issue or Settlement are not valid dates then the function returns a value (#VALUE!) error.
  • If either Rate or Par is less than or equal to 0 then the function will return an error value.
  • If the Issue date is after the Settlement date then the function returns an error value.
  • If Basis is non-integer values, then the function uses its floor value, i.e. it is truncated to an integer value.
  • After truncation if Basis is any number except 0,1,2,3,4 or missing,then the function will return an error value.

Additional details:

  • The formula for ACCRINTM is:
Accrintm updates.png
  • This function doesn't strictly follow ODF section, since Par is an optional argument here.
  • For more detail on accrued interest, visit Wikipedia.

Examples:

Formula Description Returns
=ACCRINTM("2001-04-01";"2001-06-15";0.1;1500;3) The function calculates how much interest has been accrued for a security issued on 2001-04-01. The maturity date is set for 2001-06-15. The Rate is 0.1 or 10% and Par is 1500 currency units. The basis used is option 3 (exact number of days in month, year has 365 days). 30.8219178082192
=ACCRINTM("2001-04-01";"2001-06-15";0.1;1500;) The function calculates how much interest has been accrued for a security issued on 2001-04-01. The maturity date is set for 2001-06-15. The Rate is 0.1 or 10% and Par is 1500 currency units. The basis is the US method (0) whenever either empty or no argument is passed. 30.8333333333333
=ACCRINTM(3,5,0.1) The function calculates how much interest has been accrued for a security issued on date sequence number 3. The maturity date is set for date sequence number 5. The Rate is 0.1 or 10% and Par is 1000 currency units (by default). The basis used is option 3 (exact number of days in month, year has 365 days). 0.555555555555556
=ACCRINTM("2001-04-01";"2001-06-15";0.1;;3) The function calculates how much interest has been accrued for a security issued on 2001-04-01. The maturity date is set for 2001-06-15. The Rate is 0.1 or 10% and Par is 1000 (by default) currency units. The basis is the US method (0) whenever either empty or no argument is passed. 20.5479452054794
=ACCRINTM("2002.5-04-01";"2001-06-15";0.1;1500;4) The function returns a value error if either of Issue or Settlement contains a non-valid date. #VALUE!
=ACCRINTM("2002-04-01";"2001-06-15";0.1;;3) The function returns an error value since Issue date is greater than Settlement date. Err:502

Related LibreOffice functions:

ACCRINT

ODF standard:

Section 6.12.3, part 2

Equivalent Excel functions:

ACCRINTM