Apple iWork '09 - Manual (Page 140)

PRICEMAT
The PRICEMAT function returns the price of a security that pays interest only at
maturity per $100 of redemption (par) value.
PRICEMAT(settle, maturity, issue, annual-rate, annual-yield, 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.
 issue: The date the security was originally issued. issue is a date/time value and
must be the earliest date given.
 annual-rate: The annual coupon rate or stated annual interest rate of the security.
annual-rate is a number value and is either entered as a decimal (for example, 0.08)
or with a percent sign (for example, 8%).
 annual-yield: The annual yield of the security. annual-yield is a number value and is
either entered as a decimal (for example, 0.08) or with a percent sign (for example, 8%).
 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 PRICEMAT function is used to determine the purchase price when trading the
hypothetical security described by the values listed. The security pays interest only at maturity. The
function evaluates to $99.002, which represents the price per $100 of face value.
settle maturity issue annual-rate annual-yield days-basis
=PRICEMAT (B2,
C2, D2, E2, F2,
G2) 05/01/2009 06/30/2015 12/14/2008 0.065 0.06565 0
140 Chapter 6 Financial Functions