Apple iWork '09 - Manual (Page 122)

INTRATE
The INTRATE function returns the effective annual interest rate for a security that pays
interest only at maturity.
INTRATE(settle, maturity, invest-amount, redemption, days-basis)
 settle: The trade settlement date. settle is a date/time value. The trade settlement
date is usually one or more days after the trade date.
 maturity: The date when the security matures. maturity is a date/time value. It must
be after settle.
 invest-amount: The amount invested in the security. invest-amount is a number
value and must be greater than or equal to 0.
 redemption: The redemption value per $100 of par value. redemption is a number
value that must be greater than 0. redemption is the amount that will be received
per $100 of face value. Often, it is 100, meaning that the security’s redemption value
is equal to its face value.
 days-basis: An optional argument specifying the number of days per month and
days per year used in the calculations.
30/360 (0 or omitted): 30 days in a month, 360 days in a year, using the NASD
method for dates falling on the 31st of a month.
actual/actual (1): Actual days in each month, actual days in each year.
actual/360 (2): Actual days in each month, 360 days in a year.
actual/365 (3): Actual days in each month, 365 days in a year.
30E/360 (4): 30 days in a month, 360 days in a year, using the European method for
dates falling on the 31st of a month (European 30/360).
Example
In this example, the INTRATE function is used to determine the effective annual interest rate of the
hypothetical security described by the values listed. The security pays interest only at maturity. The
function evaluates to approximately 10.85%.
settle maturity invest-amount par days-basis
=INTRATE(B2, C2,
D2, E2, F2) 05/01/2009 06/30/2015 990.02 1651.83 0
122 Chapter 6 Financial Functions