WorksheetFunction.IntRate Method

Excel Developer Reference

Returns the interest rate for a fully invested security.

Syntax

expression.IntRate(Arg1, Arg2, Arg3, Arg4, Arg5)

expression   A variable that represents a WorksheetFunction object.

Parameters

Name Required/Optional Data Type Description
Arg1 Required Variant Settlement - the security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
Arg2 Required Variant Maturity - the security's maturity date. The maturity date is the date when the security expires.
Arg3 Required Variant Investment - the amount invested in the security.
Arg4 Required Variant Redemption - the amount to be received at maturity.
Arg5 Optional Variant Basis - the type of day count basis to use.

Return Value
Double

Remarks

Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360
  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900. Microsoft Excel for the Macintosh uses a different date system as its default.

  • The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.

  • Settlement, maturity, and basis are truncated to integers.

  • If settlement or maturity is not a valid date, INTRATE returns the #VALUE! error value.

  • If investment ≤ 0 or if redemption ≤ 0, INTRATE returns the #NUM! error value.

  • If basis < 0 or if basis > 4, INTRATE returns the #NUM! error value.

  • If settlement ≥ maturity, INTRATE returns the #NUM! error value.

  • INTRATE is calculated as follows:

    Equation

    where:

    B = number of days in a year, depending on the year basis.

    DIM = number of days from settlement to maturity.

See Also