The functions that relate to financial calculations such as interest calculations are:
•ACCRINT(issue,first,settle,rate,par,freq,basis)
This function calculates the accrued interest for a security that pays periodic interest.
argument 
description 
issue 
Date that the security is issued 
first 
First date for calculating the interest for the security 
settle 
Settlement date for the security 
rate 
Annual interest rate for the security 
par 
[Optional] Par value for the security; if omitted, the calculation uses a value of $1,000 
frequency 
Frequency of payment, number of payments per year 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
example: ACCRINT(DATE(2003,1,1),DATE(2003,1,7),DATE(2005,1,7),0.5,1000,2) gives the result 1008.3333
•ACCRINTM(issue,maturity,rate,par,basis)
This function calculates the accrued interest at maturity for a security that pays periodic interest.
argument 
description 
issue 
Date that the security is issued 
maturity 
Maturity date for security 
rate 
Annual interest rate for the security 
par 
[Optional] Par value for the security; if omitted, the calculation uses a value of $1,000 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
•AMORDEGRC(cost,datepurchased,firstperiod,salvage,period,drate,basis)
This function returns the depreciation for an accounting period, taking into consideration prorated depreciation, and applies a depreciation coefficient in the calculation based on the life of the assets.
argument 
description 
cost 
Cost of the asset 
datepurchased 
Purchase date of the asset 
firstperiod 
End date of the first period 
salvage 
Salvage value at the end of the life of the asset 
period 
Accounting period 
drate 
Rate of depreciation 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis) 
•AMORLINC(cost,datepurchased,firstperiod,salvage,period,drate,basis)
This function calculates the depreciation for an accounting period, taking into account prorated depreciation.
•COUPDAYS(settlement,maturity,frequency,basis)
This function returns the number of days in the coupon period that contains the settlement date.
argument 
description 
settlement 
Settlement date for the security 
maturity 
Maturity date for the security 
frequency 
Frequency of payment, number of coupon payments per year; must be 1, 2, or 4 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
•COUPDAYBS(settlement,maturity,frequency,basis)
This function calculates the number of days from the beginning of the coupon period to the settlement date.
•COUPDAYSNC(settlement,maturity,frequency,basis)
This function calculates the number of days from the settlement date to the next coupon date.
•COUPNCD(settlement,maturity,frequency,basis)
This function returns a date number of the next coupon date after the settlement date.
•COUPNUM(settlement,maturity,frequency,basis)
This function returns the number of coupons due between the settlement date and maturity date.
•COUPPCD(settlement,maturity,frequency,basis)
This function returns a date number of the previous coupon date before the settlement date.
•CUMIPMT(rate,nper,pval,startperiod,endperiod,paytype)
This function returns the cumulative interest paid on a loan between the starting and ending periods.
argument 
description 
rate 
Interest rate 
nper 
Total number of payment periods 
pval 
Present value 
startperiod 
Starting period 
endperiod 
Ending period 
paytype 
Type of payment timing; can be any of: 

0  Payment at end of the period 

1  Payment at beginning of the period 
•CUMPRINC(rate,nper,pval,startperiod,endperiod,paytype)
This function returns the cumulative principal paid on a loan between the start and end periods.
DB(cost,salvage,life,period,month)
This function calculates the depreciation of an asset for a specified period using the fixeddeclining balance method.
argument 
description 
cost 
Initial cost of the asset 
salvage 
Value at the end of the depreciation period 
life 
Number of periods over which the asset is being depreciated 
period 
Period for which you want to calculate the depreciation; use the same units as the life argument 
month 
[Optional] Number of months in the first year; if omitted, the calculation uses 12 months 
•DDB(cost,salvage,life,period,factor)
This function calculates the depreciation of an asset for a specified period using the doubledeclining balance method or another method you specify.
argument 
description 
cost 
Initial cost of the asset 
salvage 
Value at the end of depreciation 
life 
Number of periods over which the asset is being depreciated 
period 
Period for which you want to calculate the depreciation in the same units as the life argument 
factor 
[Optional] Rate at which the value declines; if omitted, the calculation uses 2 (doubledeclining method) 
example: DDB(500000,5000,5,1,4) gives the result $40,0000
•DISC(settle,mature,pricep,redeem,basis)
This function calculates the discount rate for a security.
argument 
description 
settle 
Settlement date for the security 
mature 
Maturity date for the security 
pricep 
Amount invested in the security 
redeem 
Amount to be received at maturity 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
example: DISC("5/15/2004","9/1/2004",98.2,100,3) gives the result 0.0602752294
•DOLLAR(value,digits)
This function converts a number to text using currency format, with the decimals rounded to the specified place.
argument 
description 
value 
Numeric value to convert to text using the currency format 
digits 
[Optional] Number of decimal places to maintain; if negative, the value is rounded to the left of the decimal point; if omitted, the function rounds to two decimal places 
example: DOLLAR(123.45,1) gives the result $123.5
•DOLLARDE(fractionaldollar,fraction)
This function converts a fraction dollar price to a decimal dollar price.
argument 
description 
fractionaldollar 
Numeric value expressed as a fraction 
fraction 
Denominator of the fraction; if not an integer, the number is truncated 
•DOLLARFR(decimaldollar,fraction)
This function converts a decimal number dollar price to a fraction dollar price.
argument 
description 
decimaldollar 
Decimal number 
fraction 
Denominator of the fraction; if not an integer, the number is truncated 
example: DOLLARFR(1.125,16) gives the result 1.02
•DURATION(settlement,maturity,coupon,yield,frequency,basis)
This function returns the Macauley duration for an assumed par value of $100.
argument 
description 
settlement 
Settlement date for the security 
maturity 
Maturity date for the security 
coupon 
Annual coupon rate 
yield 
Annual yield for the security 
frequency 
Frequency of payment, number of coupon payments per year; must be 1, 2, or 4 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
•EFFECT(nomrate,comper)
This function calculates the effective annual interest rate for a given nominal annual interest rate and the number of compounding periods per year.
argument 
description 
nomrate 
Nominal interest rate 
comper 
Number of compounding periods; if not an integer, the number is truncated 
example: EFFECT(6.5%,8) gives the result 0.66878782
•EURO(code)
This function returns the equivalent of one Euro based on the ISO currency code.
Country/Region 
ISO Currency Code 
Belgium 
BEF 
Luxembourg 
LUF 
Germany 
DEM 
Spain 
ESP 
France 
FRF 
Ireland 
IEP 
Italy 
ITL 
Netherlands 
NLG 
Austria 
ATS 
Portugal 
PTE 
Finland 
FIM 
Euro member state 
EUR 
•EUROCONVERT(currency,source,target,fullprecision,triangulation)
This function converts currency from a Euro member currency (including Euros) to another Euro member currency (including Euros).
Argument 
Description 
currency 
Number to convert 
source 
ISO currency code for the number to convert 
target 
ISO currency code for the result of the conversion 
fullprecision 
[Optional] Logical value representing whether to display the value in full precision or not; if omitted, the value is not displayed in full precision 
triangulation 
[Optional] Integer greater than or equal to 3 that specifies the number of significant digits to be used for the intermediate Euro value when converting between two Euro member currencies 
example: EUROCONVERT(1,"EUR","FRF") gives the result 6,56
FV(rate,numper,paymt,pval,type)
This function returns the future value of an investment based on a present value, periodic payments, and a specified interest rate.
argument 
description 
rate 
Interest rate expressed as percentage (per period) 
numper 
Total number of payment periods 
paymt 
Payment made each period 
pval 
[Optional] Present value; if omitted, uses zero and the calculation is based on the paymt argument. 
type 
[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0) 
example: FV(0.005,60,100,100,1) gives the result $6877.00
FVSCHEDULE(principal,schedule)
This function returns the future value of an initial principal after applying a series of compound interest rates. Calculate future value of an investment with a variable or adjustable rate.
argument 
description 
principal 
Present value of the principal 
schedule 
Schedule, column or array of interest rates to apply 
example: FVSCHEDULE(1000,{0.8,0.6,0.7}) gives the result 4896
•INTRATE(settle,mature,invest,redeem,basis)
This function calculates the interest rate for a fully invested security.
argument 
description 
settle 
Settlement date for the security. 
mature 
Maturity date for the security. 
invest 
Amount invested in the security. 
redeem 
Amount to be received at maturity. 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
example: INTRATE("3/1/2003","5/31/2003",65000,70000,2) gives the result 0.304311074
•IPMT(rate,per,nper,pval,fval,end)
This function calculates the payment of interest on a loan.
argument 
description 
rate 
Value of interest rate per period. 
per 
Number of the period for which to find the interest, between 1 and nper 
nper 
Total number of payment periods in an annuity. 
pval 
Present value, worth now 
fval 
[Optional] Future value, cash value after the last payment; if omitted, the calculation uses zero 
type 
[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0) 
example: IPMT(0.45, 2, 30, 6000) gives the result $2,699.98
•IRR(columnvals,estimate)
This function returns the internal rate of return for a series of cash flows represented by the numbers in an array.
argument 
description 
arrayvals 
Column or an array of numbers for which you want to estimate the internal rate of return representing payments and income occurring at regular intervals (and use positive for income and negative for payment) 
estimate 
[Optional] An estimate of the internal rate of return; if omitted, the calculation uses 0.1 (10 percent) 
•ISPMT(rate,per,nper,pv)
This function calculates the interest paid during a specific period of an investment.
argument 
description 
rate 
Interest rate for the investment. 
per 
Number of the period for which to find the interest, between 1 and nper. 
nper 
Total number of payment periods for the investment. 
pv 
Present value of the investment. 
•MDURATION(settlement,maturity,coupon,yield,frequency,basis)
This function calculates the modified Macauley duration of a security with an assumed par value of $100.
argument 
description 
settlement 
Settlement date for the security 
maturity 
Maturity date for the security 
coupon 
Annual coupon rate 
yield 
Annual yield for the security 
frequency 
Frequency of payment, number of coupon payments per year; must be 1, 2, or 4 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
•MIRR(arrayvals,payment_int,income_int)
•MIRR(columnvals,payment_int,income_int)
This function returns the modified internal rate of return for a series of periodic cash flows.
argument 
description 
arrayvals 
Column or an array of numbers for which you want to estimate the internal rate of return representing payments and income occurring at regular intervals (and use positive for income and negative for payment) 
payment_int 
Interest rate on money in cash flows 
income_int 
Interest rate on money invested from cash flows 
•NOMINAL(effrate,comper)
This function returns the nominal annual interest rate for a given effective rate and number of compounding periods per year.
argument 
description 
effrate 
Value representing the effective interest rate 
comper 
Number of compounding periods per year; if not an integer, the number is truncated 
example: NOMINAL(6.2336%,6) gives the result 0.060776004
•NPER(rate,paymt,pval,fval,type)
This function returns the number of periods for an investment based on a present value, future value, periodic payments, and a specified interest rate.
argument 
description 
rate 
Interest rate expressed as percentage (per period) 
paymt 
Payment made each period; cannot change over life of the annuity 
pval 
Present value 
fval 
[Optional] Future value; if omitted, the calculation uses zero (0) 
type 
[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0) 
example: NPER(0.005,790,90000,0,1) gives the result 167.7227522114
•NPV(discount,value1,value2,...)
•NPV(discount,column)
This function calculates the net present value of an investment by using a discount rate and a series of future payments and income.
argument 
description 
discount 
Rate of discount for one period 
value1,... 
Column or values for money paid out (as for a payment) are negative numbers; values for money you receive (as for income) are positive numbers 
example: NPV(6.5%, 10000, 3000, 3400, 7700) gives the result $2,055.38
•ODDFPRICE(settle,maturity,issue,first,rate,yield,redeem,freq,basis)
This function calculates the price per $100 face value of a security with an odd first period.
argument 
description 
settle 
Settlement date for the security 
maturity 
Maturity date for the security 
issue 
Issue date for the security 
first 
First coupon date 
rate 
Annual interest rate 
yield 
Annual yield for the security 
redeem 
Redemption value per $100 face value for the security 
freq 
Frequency of payment, number of payments per year 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
•ODDFYIELD(settle,maturity,issue,first,rate,price,redeem,freq,basis)
This function calculates the yield of a security with an odd first period.
•ODDLPRICE(settle,maturity,last,rate,yield,redeem,freq,basis)
This function calculates the price per $100 face value of a security with an odd last coupon period.
•ODDLYIELD(settle,maturity,last,rate,price,redeem,freq,basis)
This function calculates the yield of a security with an odd last period.
•PMT(rate,nper,pval,fval,end)
This function returns the payment amount for a loan given the present value, specified interest rate, and number of terms.
argument 
description 
rate 
Value of interest rate per period 
nper 
Total number of payment periods 
pval 
Present value, worth now 
fval 
[Optional] Future value, cash value after the last payment; if omitted, the calculation uses zero 
type 
[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0) 
example: PMT(0.005, 15, 5000, 0, 1) gives the result $345.10
•PPMT(rate,per,nper,pval,fval,end)
This function returns the amount of payment of principal for a loan given the present value, specified interest rate, and number of terms.
argument 
description 
rate 
Value of interest rate per period. 
per 
Number of the period for which to find the interest, between 1 and nper 
nper 
Total number of payment periods in an annuity. 
pval 
Present value, worth now 
fval 
[Optional] Future value, cash value after the last payment; if omitted, the calculation uses zero 
type 
[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0) 
example: PPMT(0.45, 22, 30, 6000, 7000) gives the result $206.47
•PRICE(settlement,maturity,rate,yield,redeem,frequency,basis)
This function calculates the price per $100 face value of a periodic interest security.
argument 
description 
settle 
Settlement date for the security 
maturity 
Maturity date for the security 
rate 
Annual coupon rate 
yield 
Annual yield for the security 
redeem 
Redemption value per $100 face value for the security 
frequency 
Frequency of payment, number of payments per year; must be 1, 2, or 4 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
•PRICEDISC(settle,mature,discount,redeem,basis)
This function returns the price per $100 face value of a discounted security.
argument 
description 
settle 
Settlement date for the security. 
mature 
Maturity date for the security. 
discount 
Amount invested in the security. 
redeem 
Amount to be received at maturity. 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
example: PRICEDISC("5/15/2004","9/1/2004",0.06,100,3) gives the result 98.20822
•PRICEMAT(settle,mature,issue,rate,yield,basis)
This function returns the price at maturity per $100 face value of a security that pays interest.
argument 
description 
settle 
Settlement date for the security 
mature 
Maturity date for the security 
issue 
Issue date for the security 
rate 
Interest rate for the security at the issue date 
yield 
Annual yield for the security 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
example: PRICEMAT("5/15/2004","9/1/2004","5/15/2003",0.06,0.07,3) gives the result 99.5842915904314
•PV(rate,numper,paymt,fval,type)
This function returns the present value of an investment based on the interest rate, number and amount of periodic payments, and future value. The present value is the total amount that a series of future payments is worth now.
argument 
description 
rate 
Interest rate expressed as percentage (per period) 
numper 
Total number of payment periods 
paymt 
Payment made each period; cannot change over the life of the annuity 
fval 
[Optional] Future value; if omitted, the calculation is based on the payments 
type 
[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0) 
example: PV(0.005,60,100,0,1) gives the result $5,198.42
•RATE(nper,pmt,pval,fval,type,guess)
This function returns the interest rate per period of an annuity.
argument 
description 
nper 
Total number of payment periods in an annuity 
pmt 
Value representing the payment made each period 
pval 
Present value, worth now 
fval 
Future value, cash value after the last payment 
type 
[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0) 
guess 
Guess for what the rate will be (optional) 
example: RATE(360, 600, 80000) gives the result 0.686%
•RECEIVED(settle,mature,invest,discount,basis)
This function returns the amount received at maturity for a fully invested security.
argument 
description 
settle 
Settlement date for the security 
mature 
Maturity date for the security 
invest 
Amount invested in the security 
discount 
Discount rate for the security 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
example: RECEIVED("3/01/2004","6/01/2004",600000,0.03,2) gives $604,635.50
•SLN(cost,salvage,life)
This function returns the straightline depreciation of an asset for one period.
argument 
description 
cost 
Initial cost of the asset 
salvage 
Value at the end of the depreciation 
life 
Number of periods over which the asset is being depreciated 
example: SLN(500000,20000,5) gives the result $96,000
•SYD(cost,salvage,salvage,period)
This function returns the sumofyears' digits depreciation of an asset for a specified period.
argument 
description 
cost 
Initial cost of the asset 
salvage 
Value at the end of the depreciation 
life 
Number of periods over which the asset is being depreciated 
period 
Period for depreciation; must use the same units as the life argument. 
This function calculates the digits depreciation as follows:
example: SYD(100000,10000,5,2) gives the result $2,4000
•TBILLEQ(settle,mature,discount)
This function returns the equivalent yield for a Treasury bill (or Tbill).
argument 
description 
settle 
Settlement date for the Treasury bill 
mature 
Maturity date for the Treasury bill 
discount 
Discount rate for the Treasury bill 
example: TBILLEQ("3/31/2003","6/1/2003",0.0532) gives the result 0.054437659 (or 5.44%)
•TBILLPRICE(settle,mature,discount)
This function returns the price per $100 face value for a Treasury bill (or Tbill).
argument 
description 
settle 
Settlement date for the Treasury bill 
mature 
Maturity date for the Treasury bill 
priceper 
Price per $100 face value for the Treasury bill 
example:TBILLPRICE("3/31/2003","6/1/2003",0.065) gives the result $98.88055556
•TBILLYIELD(settle,mature,priceper)
This function returns the yield for a Treasury bill (or Tbill).
argument 
description 
settle 
Settlement date for the Treasury bill 
mature 
Maturity date for the Treasury bill 
priceper 
Price per $100 face value for the Treasury bill 
example: TBILLYIELD("3/31/2003","6/1/2003",98.65) gives the result 0.0794598041299475 (or 5.80%)
•VDB(cost,salvage,life,start,end,factor,switchnot)
This function returns the depreciation of an asset for any period you specify using the variable declining balance method.
argument 
description 
cost 
Initial cost of the asset 
salvage 
Value at the end of the depreciation period 
life 
Number of periods over which the asset is being depreciated 
start 
Number representing the starting period for which to calculate the depreciation in the same units as life; if not an integer, the number is truncated 
end 
Number representing the ending period for which to calculate the depreciation in the same units as life; if not an integer, the number is truncated 
factor 
[Optional] Rate at which the balance declines; if omitted, uses two (2) 
switchnot 
[Optional] Logical value specifying whether to switch to straightline depreciation when depreciation is greater than the declining balance calculation; if omitted uses FALSE 
example: VDB(50000,500,1200,100,1000,1) gives the result $37,122.94
•XIRR(values,dates,guess)
This function calculates the internal rate of return for a schedule of cash flows that may not be periodic.
argument 
description 
values 
Series of cash flows that correspond to a schedule of payments in dates. The first payment is optional and corresponds to a cost or payment that occurs at the beginning of the investment 
dates 
Schedule of payment dates that corresponds to the cash flow payments in values 
guess 
[Optional] Estimate of the internal rate of return that you guess is close to the result of this function; if omitted, the calculation uses 0.1 (10 percent) 
•XNPV(rate,values,dates)
This function calculates the net present value for a schedule of cash flows that may not be periodic.
argument 
description 
rate 
Discount rate to apply to the cash flows 
values 
Series of cash flows that correspond to a schedule of payments in dates. The first payment is optional and corresponds to a cost or payment that occurs at the beginning of the investment 
dates 
Schedule of payment dates that corresponds to the cash flow payments in values 
•YIELD(settle,maturity,rate,price,redeem,frequency,basis)
This function calculates the yield on a security that pays periodic interest.
argument 
description 
settle 
Settlement date for the security 
maturity 
Maturity date for the security 
rate 
Annual coupon rate 
price 
Price per $100 face value for the security 
redeem 
Redemption value per $100 face value 
frequency 
Frequency of payment, number of coupon payments per year; must be 1, 2, or 4 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
•YIELDDISC(settle,maturity,price,redeem,basis)
This function calculates the annual yield for a discounted security.
argument 
description 
settle 
Settlement date for the security 
maturity 
Maturity date for the security 
price 
Price per $100 face value for the security 
redeem 
Redemption value per $100 face value 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
•YIELDMAT(settle,maturity,issue,issrate,price,basis)
This function calculates the annual yield of a security that pays interest at maturity.
argument 
description 
settle 
Settlement date for the security 
maturity 
Maturity date for the security 
issue 
Issue date for the security 
issrate 
Interest rate for the security at the date of issue 
price 
Price per $100 face value for the security 
basis 
[Optional] Integer representing the basis for day count (Refer to Day Count Basis.) 
See Also: 
Formula Functions  Day Count Basis