Description Computes the price of a security that pays interest only at maturity, given specified dates, interest rate, and yield. The price computed is per $100 face value.
Syntax PRICEMAT ( settlement, maturity, issue, rate, yield [, calendar_type] )
| Argument | Description |
|---|---|
| settlement | The date when the security is traded to the buyer. Decimal values will be truncated to integers. |
| maturity | The date the security expires and the remaining amount is paid to the investor. It must be the same day or later than settlement. Decimal values will be truncated to integers. |
| issue | The date the security was originally issued and began earning interest. Decimal values will be truncated to integers. |
| rate | The security's annual interest rate at date of issue. |
| yield | The annual income produced by the security. This can be considered the effective interest rate for the buyer. |
| [calendar_type] | Optional. One of five methods of counting days for computing interest. See The calendar_type Argument for more information. |
Equation
...where the three-letter codes correspond to values you can compute using the YEARFRAC function, as shown in the following table.
| Code | Meaning | Function and arguments |
|---|---|---|
| DIM/DIY | Days from issue to maturity. | YEARFRAC (issue, maturity, calendar_type) |
| DIS/DIY | Days from issue to settlement. | YEARFRAC (issue, settlement, calendar_type) |
| DSM/DIY | Days from settlement to maturity. | YEARFRAC (settlement, maturity, calendar_type) |
Examples This function returns 82.11:
PRICEMAT("4/8/93","2/14/99","2/14/89",0.045,0.075)
See Also PRICE, PRICEDISC, YIELD, YIELDDISC, YIELDMAT
