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 for which the interest accrued is to be calculated.

    Rate is a positive real number (expressed as a percentage, such as 2.5%, or a decimal fraction, such as 0.025), 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.

    Note pin.svg

    Note:
    We recommend that you always specify the value that you require for ACCRINTM's Par argument, rather than allowing Calc to apply an arbitrary default. This will make your formula easier to understand and easier to maintain.


    Basis is an integer in the range 0 to 4, or a reference to a cell containing that integer, which indicates how the year is to be calculated. For more background 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 Issue or Settlement is not a valid date, then ACCRINTM returns a #VALUE! error.
    • If Rate is non-numeric, then ACCRINTM reports a #VALUE! error.
    • If either Par or Basis is non-numeric, then ACCRINTM reports an invalid argument error (Err:502).
    • If the Issue date is on or after the Settlement date, then ACCRINTM reports an invalid argument error (Err:502).
    • If either Rate or Par is less than or equal to 0, then ACCRINTM reports an invalid argument error (Err:502).
    • If Basis is a non-integer value, then ACCRINTM truncates it to an integer value.
    • If, after any truncation, Basis is not equal to 0, 1, 2, 3, or 4, then ACCRINTM reports an invalid argument error (Err:502).

    Additional details:

    • The formula for ACCRINTM is:
    [math]\displaystyle{ ACCRINTM~=~Rate\times Par\times \left ( \frac{Days~of~interest~earned}{Days~per~year} \right ) }[/math]
    • For more detail on accrued interest, visit Wikipedia's Accrued interest page.
    • ACCRINTM is not fully compliant with the functional definition in Section 6.12.3 of ODF 1.2 because it allows the user to include no value for the Par argument.
    • Be aware that Excel does not support option 2 for the Basis argument (actual number of days in month, 360 days in year). This difference may limit interoperability when you have a Calc spreadsheet containing AMORLINC calls (with Basis set to 2) that is later opened in Excel.

    Examples:

    Formula Description Returns
    =ACCRINTM(A1; A2; A3; A4; A5) where cells A1 and A2 contain the dates 2001-04-01 and 2001-06-15 respectively; cells A3 to A5 contain the numbers 0.1, 1500, and 3 respectively. Here the function calculates how much interest has been accrued for a security issued on 2001-04-01 with a maturity date of 2001-06-15. The rate is 0.1 (10%) and par is 1500 currency units. The basis used is option 3. 30.8219178082192
    =ACCRINTM("2001-04-01"; "2001-06-15"; 10%; 1,500) Here the function calculates how much interest has been accrued for a security issued on 2001-04-01 with a maturity date of 2001-06-15. The rate is 10% (0.1) and par is 1500 currency units. Since the final argument is omitted, the basis used is the default US method. The change of basis leads to a different result to that in the previous example. Note that it is often good practice to utilize the DATE function instead of typing formatted date values - the formula =ACCRINTM(DATE(2001; 4; 1); DATE(2001, 6, 15); 10%; 1500) returns exactly the same result. 30.8333333333333
    =ACCRINTM(3; 400; 0.1) Here the function calculates how much interest has been accrued for a security using issue and maturity dates specified as date-time serial numbers. The rate is 0.1 (10%) and par is 1000 (by default) currency units. Since the final argument is omitted, the basis used is the default US method. 108.611111111111
    =ACCRINTM("2001-04-01"; "2001-06-15"; 0.1; ; 3.7) Here the function calculates how much interest has been accrued for a security issued on 2001-04-01 with a maturity date of 2001-06-15. The rate is 0.1 (10%) and par is 1000 (by default) currency units. The basis value of 3.7 is truncated to 3 and so basis option 3 is used. Note that the formula =ACCRINTM("2001-04-01"; "2001-06-15"; 0.1; ; 3) returns the same value. 20.5479452054794

    Related LibreOffice functions:

    ACCRINT

    ODF standard:

    Section 6.12.3, part 2

    Related (or similar) Excel functions:

    ACCRINTM


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