Many of the Financials functions have the same arguments. The following information expands on the information in the field descriptions of the functions' documentation.
The frequency argument indicates the number of interest payments per year. The options are:
| Frequency | Description |
|---|---|
| 1 | Annual payments. |
| 2 | Semi-annual payments. |
| 4 | Quarterly payments. |
If you enter any values other than 1, 2, or 4, the function will return the #NUM! error. Decimal values will be truncated to integers.
The calendar_type argument lets you pick from five different methods of counting days, usually for computing interest. The options are:
| Calendar type | Description |
|---|---|
| 0 | 30-day months, 360-day years, American method. |
| 1 | Actual months, actual years. |
| 2 | Actual months, 360-day years. |
| 3 | Actual months, 365-day years. |
| 4 | 30-day months, 360-day years, European method. |
When calendar_type is 0 or 4, the DAYS360 function is used to calculate number of days. It has special rules for when the start and/or end dates fall on the 30th and/or 31st of the month. See DAYS360 for more information.
If you omit the calendar_type argument, 0 is used. If you enter any values other than 0, 1, 2, 3, or 4, the function will return the #NUM! error. Decimal values will be truncated to integers.
