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EXCEL PRICEMAT FUNCTION
Excel PRICEMAT Function Introduction
The Excel Pricemat function computes the price of a security that pays interest at maturity per $100 face value.
Description of Excel PRICEMAT Function
Syntax :
=PRICEMAT( settlement, maturity, issue, rate, yld, [basis] )
Parameters :
- Settlement – The ministry’s settlement date.
- Maturity – The ministry’s maturity date. The day on which the insurance was issued.
- Rate – The interest rate on the security at the time it was issued.
- Yld – The security’s yearly yield.
- Basis – An optional integer input that sets the security’s financial day count basis. Available options include:
| Basis | Day Count Basis |
|---|---|
| 0 (or omitted) | US (NASD) 30/360 |
| 1 | actual/actual |
| 2 | actual/360 |
| 3 | actual/365 |
| 4 | European 30/360 |
Step By Step Guide of PRICEMAT Function
Example :
The Excel Pricemat function is used to compute the price of a security that pays interest at maturity per $100 face value. The security’s issuance date is January 1, 2017, the settlement date is April 1, 2017, and the maturity period is March 31, 2021. The interest rate at issue is 4.5 percent, with a 2.5 percent annual return. The 30/360 day count basis is used in the United States (NASD): The Pricemat function above yields the value 107.1704545. In other words, the price of security under the aforementioned parameters would be $107.17.
Key Points
- #NUM! – Occurs if either: its issue date or the settlement date is reached. The maturity date; the settlement date; For the rate, yld, or [base] arguments, invalid numbers are specified. (That is, if any of the following conditions are met: rate 0; yld 0; or [base] is any number other than 0, 1, 2, 3, or 4).
- #VALUE! – Occurs if any of the given settlement, mature, or issue arguments are not valid Spreadsheet dates, or if any of the provided arguments is non-numeric.
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