WorksheetFunction.IntRate(Object, Object, Object, Object, Object) Method
Definition
Important
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Returns the interest rate for a fully invested security.
public double IntRate (object Arg1, object Arg2, object Arg3, object Arg4, object Arg5);Public Function IntRate (Arg1 As Object, Arg2 As Object, Arg3 As Object, Arg4 As Object, Optional Arg5 As Object) As DoubleParameters
- Arg1
- Object
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
- Object
Maturity - the security's maturity date. The maturity date is the date when the security expires.
- Arg3
- Object
Investment - the amount invested in the security.
- Arg4
- Object
Redemption - the amount to be received at maturity.
- Arg5
- Object
Basis - the type of day count basis to use.
Returns
Remarks
| 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:
Figure 1: Equation for the IntRate method
where:
B = number of days in a year, depending on the year basis.
DIM = number of days from settlement to maturity.