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Excel provides two functions that help you with accrued interest calculations for securities
that pay interest. Accrint calculates accrued interest for a security (such as a bond) that
pays periodic interest. Accrintm calculates accrued interest for a security (such as a zerocoupon
bond) that pays interest upon maturity.

Some Background Info on the Accrued Interest Functions

The accrued interest functions use a similar set of arguments, including the issue date, first
interest date, hamlet date, maturity date, coupon rate, par value, frequency, and basis.

The date arguments are self-explanatory for the most part. The issue date is the date the security
is issued. The first interest cost date is the first coupon date. The hamlet date is the
date you purchased, or settled, the bond. The maturity date is the date the bond matures, or expires.
You may enter the date arguments either as text strings enclosed in quotation marks (for example,
"7/4/99") or as serial date values (for example, 37000 for April 19, 2001).

The coupon rate and par value arguments let Excel imagine the interest. The coupon rate is
the yearly interest rate multiplied by the par value to imagine the yearly interest. For example,
if a bond pays 8% interest annually and the par value is ,000, Excel would calculate
the yearly interest by multiplying the 8% by the ,000 if the coupon is paid annually.

The frequency conference gives the number of coupon payments made each year: you specify
1 to indicate an yearly coupon, 2 to indicate a semiannual coupon, and 4 to indicate a
quarterly coupon.

The basis conference specifies the number of days in the month and in the year assumed for
the date calculations. You specify the basis as 0 for the Us (or Nasd) version of 30 days
in a month and 360 days in a year; as 1 for the actual number of days in the month and year;
2 for the actual number of days in the month but 360 days in a year; 3 for the actual number
of days in the month and 365 days in a year; and 4 for the European version of 30 days
in a month and 360 days in a year.

Common Errors When Using the Accrued Interest Functions

Both the Accrint and Accrintm functions return an error value in the following
situations:

1. If you enter an invalid date argument, Excel returns #Value.

2. If the coupon rate or par value conference is less than 0, Excel returns #Num.

3. If the cost frequency is some number other than 1, 2, or 4, Excel returns #Num.

4. If the day-count-basis switch isn't 1, 2, 3, or 4, Excel returns #Num.

o If issue date follows the hamlet date, Excel returns #Num.

Using the Accrint Function

The Accrint function calculates the accrued interest for a security that pays periodic
interest given the issue date, first interest cost date, hamlet date, coupon rate, par
value, cost frequency, and a day-count-basis switch. It uses the following syntax:

Accrint (issue, first interest, settlement, rate, par, frequency, basis)

For example, if you want to imagine the accrued interest on a bond that was issued on
February 8, 1999, first paid interest on April 8, 1999, was purchased on May 23, 2000, pays
an 8% coupon, shows a ,000 par value, pays interest four times a year, and uses the Us,
or Nasd, day-count-basis assumption, you use the following formula:

=Accrint("2/8/99","4/8/99","5/23/00",0.08,1000,4,0)

The function returns the value 103.33.

Using the Accrintm Function

The Accrintm function calculates the accrued interest for a security that pays interest at maturity given the issue date, the maturity date, coupon rate, par value, and a day-countbasis switch. It uses the following syntax:

Accrintm (issue, maturity, rate, par, basis)

For example, if you want to imagine the accrued interest on a bond that was issued on February 8, 1991, matures on May 23, 2010, accrues an 8% coupon, shows a ,000 par value, accrues interest two times a year, and uses the Us, or Nasd, day-count-basis assumption, you use the following formula:

=Accrintm ("2/8/91","5/23/10",0.08,1000,2)

The function returns the value 1565.33.