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# ACCRINT Function Examples in Excel, VBA, & Google Sheets

This tutorial demonstrates how to use the **Excel ACCRINT Function** in Excel to calculate the accrued interest for a security.

## ACCRINT Function Overview

The ACCRINT Function Calculates the accrued interest.

To use the ACCRINT Excel Worksheet Function, select a cell and type:

(Notice how the formula inputs appear)

### ACCRINT Function Syntax and Inputs:

`=ACCRINT(issue,first_interest,settlement,rate,par,frequency,[basis],[calc_method])`

**issue **– It’s the issue date of the security or a bond.

**first_interest **– It’s the date at which the first interest is paid.

**settlement **– It’s the settlement date of the security or the date at which the security is purchased. It’s the date that comes after the issuing date of the security.

**rate **– It’s the annual interest rate of the bond or security at which the coupon payments are processed.

**par **– It’s the annual interest rate of the bond or security at which the coupon payments are processed.

**frequency **– It refers to the number of periodic coupon payments per year. The value of frequency for annual, semi-annual, and quarterly payments are 1, 2, and 4, respectively.

**basis **– OPTIONAL: It specifies the type of day counting to be used by the security or bond. Possible values can be:

Basis |
Day Count |

0 |
US (NASD) 30/360 |

1 |
Actual/actual |

2 |
Acutal/360 |

3 |
Acutal/365 |

4 |
European 30/360 |

If the basis argument is omitted, it assumes its default value i.e. US (NASD) 30/360.

**calc_method **– OPTIONAL: The *[calc_method] *argument’s value specifies a way to calculate the accrued interest when the *settlement* date is greater than the date of *first_interest. *Its value is either TRUE/1 (calculates the total accrued interest from *issue *to *settlement) *or FALSE /0 (calculates the accrued interest from *first_interest *to *settlement). *Its default value is 1(TRUE)*.*

**What is the Excel ACCRINT Function?**

The Excel ACCRINT function calculates the interest accrued for a security that pays interest periodically.

The Excel ACCRINT function uses the following formula for the calculation of accrued interest.

Where:

NC = number of quasi-coupon periods that fit in the odd period (Fractions are raid to the next whole number).

Ai = number of the accrued days for the ith quasi-coupon period within the odd period.

NLi = normal length in days of the quasi-coupon period within the odd period.

**Calculate Accrued Interest on US Treasury Bond**

Let’s calculate how much interest has accrued on a US Treasury bond between June 1^{st}, 2015, and March 3^{rd}, 2016. The bond has a par value of $1,000. Other details of the bond are mentioned in the above figure.

The Formula to use is:

`=ACCRINT(C4,C5,C6,C7,C8,C9,C10,C11)`

The ACCRINT function returns the interest on the US Treasury bond:

**ACCRINT** = $49.11

**Accrued Interest on a simple bond**

Now let’s calculate the accrued interest on a bond with a coupon rate of 8%. The bond has a par value of $10,000. Other details of the bond are mentioned above in the table.

The formula to use is:

`=ACCRINT(C4,C5,C6,C7,C8,C9,C10,C11)`

The above function gives the result:

**ACCRINT** = $133.33

## Additional Notes

#NUM! Error occurs if rate ≤ 0, par ≤ 0, or issue ≥ settlement.

#NUM! Error also occurs when the [basis] argument value is not 1, 2, 3, or 4, or the value of frequency argument is other than 1, 2, or 4.

#VALUE! Error occurs if either the issue, first_interest, or settlement dates are not valid Excel dates, or any of the argument value is non-numeric.

It is recommended that the settlement and maturity dates should be entered in the YIELD function as references to cells containing the dates or dates returned from formulas.

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**ACCRINT in Google Sheets**

All of the above examples work exactly the same in Google Sheets as in Excel.

## ACCRINT Examples in VBA

You can also use the ACCRINT function in VBA. Type:

`application.worksheetfunction.accrint(Issue,FirstIneterst,Settlement,Rate,Par,Frequency,Basis,CalcMethod)`

For the function arguments (Rate, etc.), you can either enter them directly into the function or define variables to use instead.