Apple Numbers '08 - Manual (Page 259)

Chapter 12 Dictionary of Functions 259
Notes
Be sure that the interest rate is expressed as the rate per period. For example, if the
interest rate is 10% per year and the payment period is monthly, the rate used in the
function should be 0.1/12 (approximately 0.00833 per month).
PRICE
The PRICE function calculates the price of a security that pays periodic interest per $100
par value.
PRICE(settle, maturity, rate, yield, value, frequency, [day-count])
 settle: The settlement date.
 maturity: The date when the security expires.
 rate: The annual coupon rate.
 yield: The annual yield of the security.
 value: The redemption value on the maturity date. Expressed per $100 par value.
 frequency: The number of coupon payments each year.
1 means annual payments.
2 means semiannual payments (twice per year).
4 means quarterly payments (four per year).
 day-count: Optional; specifies the number of days per month and days per year used
in the calculations (sometimes called the day count basis).
0 or omitted uses 30/360 (30 days for each month, 360 days in a year).
1 uses actual/actual (the number of days shown on a calendar).
2 uses actual/360 (calendar days for each month but 360 days per year).
3 uses actual/365 (calendar days for each month but 365 days per year).
4 uses 30E/360 (European 30/360).
Examples
To find the principal portion of the first payment on a $1000 loan at 12% annual interest with
payments due at the end of each month:
PPMT(0.12/12, 1, 12, 1000) returns -$78.85.
Examples
If cells A1:F1 contain1/1/2000, 1/1/2001, 0.05, 0.1, 100, 2:
PRICE(A1, A2, A3, A4, A5, A6) returns 95.35157.