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IntRate Method
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WorksheetFunction.IntRate Method (Excel)

Returns the interest rate for a fully invested security.

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

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.

    Note Note

    Visual Basic for Applications (VBA) calculates serial dates differently than Excel. In VBA, serial number 1 is December 31, 1899, rather than January 1, 1900.

  • 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: awfintrt_ZA06051176where: B = number of days in a year, depending on the year basis. DIM = number of days from settlement to maturity.

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