INTRATE

Description

INTRATE calculates and returns the interest rate of a fully vested security. @settlement is the settlement date of the security. @maturity is the maturity date of the security. @investment is the prize of the security paid at @settlement date and @redemption is the amount to be received at @maturity date. @basis is the type of day counting system you want to use:

0 US 30/360

1 actual days/actual days

2 actual days/360

3 actual days/365

4 European 30/360

If @settlement date or @maturity date is not valid, INTRATE returns #NUM! error. If @basis is omitted, US 30/360 is applied. If @basis < 0 or @basis > 4, INTRATE returns #NUM! error. If @settlement date is after @maturity date or they are the same, INTRATE returns #NUM! error.

Examples

If you had a bond with a settlement date of April 15, 2000, maturity date September 30, 2000, investment of $100,000, redemption value $103,525, using the actual/actual basis, the bond discount rate is:

=INTRATE(36631, 36799, 100000, 103525, 1) which equals 0.0648 or 6.48%

See also

RECEIVED, DATE.