{ "category": "Financial functions", "display_name": "INTRATE", "entry_kind": "built_in_function", "eval_api": { "method": "POST", "url": "https://handbook.dnacalc.com/api/eval" }, "function_id": "FUNC.INTRATE", "implementation_state": { "answer_bank": { "excel_builds": [ "20430" ], "larger_numeric": 0, "last_bit": 0, "matched": 2400, "other_mismatch": 0, "refused": 0, "rows": 2400, "unread": 0, "worst_ulp": 0 }, "detail": "Recorded: 2,400 in the answer bank and 46 workbook cells.", "dnacalc_commit": "9e1884369a678158dd82d3d74188daf986995e87", "in_catalogue": true, "state": "matches", "state_label": "Matches every recorded Excel answer", "summary": "Matches all 2,446 recorded answers", "workbook_corpus": { "cells": 46, "matched": 46 } }, "implementations": [ { "commit": "9e1884369a678158dd82d3d74188daf986995e87", "flavour": "excel-compatibility-candidate", "language": "Rust", "name": "CalcFunc", "own_code": [ "https://github.com/DnaCalc/DnaCalc/blob/9e1884369a678158dd82d3d74188daf986995e87/crates/calc-func/src/catalogue/bonds.rs#L195-L198", "https://github.com/DnaCalc/DnaCalc/blob/9e1884369a678158dd82d3d74188daf986995e87/crates/calc-func/src/ported/discount_bill_yearfrac_family.rs#L206-L229" ], "repository": "https://github.com/DnaCalc/DnaCalc", "shared_code": [ "catalogue/bonds::basis", "catalogue/bonds::bill_out", "catalogue/financial::date_1900", "locale::days_from_civil", "locale::civil_from_days", "locale::excel_serial_from_ymd", "locale::ymd_from_excel_serial", "ported/day_count_common::days_in_month", "ported/day_count_common::us_30_360", "ported/day_count_common::real_days_in_year", "ported/day_count_common::excel_actual_actual_year", "ported/discount_bill_yearfrac_family::max_excel_serial", "ported/discount_bill_yearfrac_family::parse_basis", "ported/discount_bill_yearfrac_family::parse_date_serial", "ported/discount_bill_yearfrac_family::actual_days", "ported/discount_bill_yearfrac_family::days360_us", "ported/discount_bill_yearfrac_family::days360_eu", "ported/discount_bill_yearfrac_family::security_days_and_year", "ported/discount_bill_yearfrac_family::map_discount_bill_yearfrac_error_to_ws", "ported/excel_numeric::binary_with", "ported/excel_numeric::excel_x87_sub", "ported/excel_numeric::excel_x87_mul", "ported/excel_numeric::excel_x87_div", "ported/excel_numeric/x87::mul", "ported/excel_numeric/x87::sub", "ported/excel_numeric/x87::div" ], "source": "https://github.com/DnaCalc/DnaCalc/blob/9e1884369a678158dd82d3d74188daf986995e87/crates/calc-func/src/catalogue/bonds.rs#L195-L198", "state": "matches", "suite": null, "summary": "Matches all 2,446 recorded answers" } ], "json_url": "https://handbook.dnacalc.com/api/functions/FUNC.INTRATE.json", "name": "INTRATE", "notes": [ { "basis": "2,400 of 2,400 rows for each function with stored precision-64 arithmetic. Plain binary64 matches 2,398 to 2,399 of the same rows, so few rows separate the two; keeping intermediates in 80-bit registers without stores loses 475 to 1,335.", "documentation": null, "evidence": [ { "commit": "26bb1800d3b349e44d594bed5f8bb589b528ef10", "locator": "lines 435-466", "note": "recorded answers pinned", "path": "crates/calc-func/tests/f3_financial.rs", "repository": "DnaCalc" }, { "commit": "f1774082865e3a5ab7dec27ead7aeebb73b078c2", "locator": "counts", "note": "stored-PC64 against other precisions", "path": "evidence/round23/security-1900-hard/summary.json", "repository": "DnaCalc-Research" }, { "commit": "f1774082865e3a5ab7dec27ead7aeebb73b078c2", "locator": "recorded_completed_groups", "note": "18,040 of 18,040 outcomes", "path": "round23-result.json", "repository": "DnaCalc-Research" } ], "functions": [ "FUNC.DISC", "FUNC.INTRATE", "FUNC.PRICEDISC", "FUNC.RECEIVED", "FUNC.TBILLYIELD" ], "inferred": null, "kind": "bit-matching-detail", "note_id": "FN-DISC-001", "open": [], "recorded_on": "2026-11-04", "repros": [ { "call": "DISC(37655, 38261, 94.87631295104353, 102.73579504052532, 3)", "correct": { "bits": "0x3fa79784b622b019", "display": "0.04607786868413672", "how": "Exact rational value of the same formula from the binary64 inputs, correctly rounded.", "kind": "number" }, "excel": { "bits": "0x3fa79784b622b014", "display": "0.046077868684136686", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "settlement", "value": { "bits": "0x40e262e000000000", "display": "37655", "kind": "number" } }, { "name": "maturity", "value": { "bits": "0x40e2aea000000000", "display": "38261", "kind": "number" } }, { "name": "pr", "value": { "bits": "0x4057b81582ea72c4", "display": "94.87631295104353", "kind": "number" } }, { "name": "redemption", "value": { "bits": "0x4059af174414e760", "display": "102.73579504052532", "kind": "number" } }, { "name": "basis", "value": { "bits": "0x4008000000000000", "display": "3", "kind": "number" } } ], "recorded_in": "Excel 16.0 build 20430, Windows 64-bit, AMD Ryzen 7 4800H", "source": { "commit": "4d5320dfdc385354469b4d506153357bb932ab08", "locator": "line 1458, key DISC|0x40e262e000000000|0x40e2aea000000000|0x4057b81582ea72c4|0x4059af174414e760|0x4008000000000000", "note": null, "path": "cache/oracle-20430/build-20430/DISC.jsonl.gz", "repository": "CalcFunc-Evidence" } }, { "call": "TBILLYIELD(47701, 47702, 2.279784366464575)", "correct": { "bits": "0x40ce237bcaff5178", "display": "15430.967132487087", "how": "Exact rational value of the same formula from the binary64 inputs, correctly rounded.", "kind": "number" }, "excel": { "bits": "0x40ce237bcaff517a", "display": "15430.96713248709", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "settlement", "value": { "bits": "0x40e74aa000000000", "display": "47701", "kind": "number" } }, { "name": "maturity", "value": { "bits": "0x40e74ac000000000", "display": "47702", "kind": "number" } }, { "name": "pr", "value": { "bits": "0x40023cff95ff2def", "display": "2.279784366464575", "kind": "number" } } ], "recorded_in": "Excel 16.0 build 20430, Windows 64-bit, AMD Ryzen 7 4800H", "source": { "commit": "4d5320dfdc385354469b4d506153357bb932ab08", "locator": "line 413, key TBILLYIELD|0x40e74aa000000000|0x40e74ac000000000|0x40023cff95ff2def", "note": null, "path": "cache/oracle-20430/build-20430/TBILLYIELD.jsonl.gz", "repository": "CalcFunc-Evidence" } }, { "call": "INTRATE(58548, 58599, 428532.13421818457, 6.805737049418593, 0)", "correct": null, "excel": { "bits": "0xc01cccaed31c9766", "display": "-7.199885653133469", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "settlement", "value": { "bits": "0x40ec968000000000", "display": "58548", "kind": "number" } }, { "name": "maturity", "value": { "bits": "0x40ec9ce000000000", "display": "58599", "kind": "number" } }, { "name": "investment", "value": { "bits": "0x411a27d089707de5", "display": "428532.13421818457", "kind": "number" } }, { "name": "redemption", "value": { "bits": "0x401b39132211b6ad", "display": "6.805737049418593", "kind": "number" } }, { "name": "basis", "value": { "bits": "0x0000000000000000", "display": "0", "kind": "number" } } ], "recorded_in": "Excel 16.0 build 20430, Windows 64-bit, AMD Ryzen 7 4800H", "source": { "commit": "4d5320dfdc385354469b4d506153357bb932ab08", "locator": "line 2326, key INTRATE|0x40ec968000000000|0x40ec9ce000000000|0x411a27d089707de5|0x401b39132211b6ad|0x0000000000000000", "note": null, "path": "cache/oracle-20430/build-20430/INTRATE.jsonl.gz", "repository": "CalcFunc-Evidence" } } ], "schema": "efh.function-note/v1", "statement": "With B the year basis and D the day count, Excel evaluates DISC = (1 - pr/red) * (B/D); INTRATE = ((red - inv)/inv) * (B/D); RECEIVED = inv / (1 - (disc*D)/B); PRICEDISC = red - ((disc*red)*D)/B; TBILLYIELD = ((100 - pr)/pr) * (360/D), each + - * / taken from the x87 unit at precision 64 and stored to binary64. Results can sit several units from the exact value: the DISC row below is 5 units below it.", "status": "measured", "title": "The discount-security functions run a fixed formula order on the x87 unit" }, { "basis": "19 YEARFRAC readings around serial 60 and the 1904, 2000 and 2004 leap days, 35 readings with serial 0 on all five bases, and 3 readings each from five financial functions.", "documentation": null, "evidence": [ { "commit": "c4c5dde7e2dcf735d2849835fc49769e2ab67ba7", "locator": null, "note": "the leap-day test as implemented", "path": "crates/calc-func/src/ported/day_count_common.rs", "repository": "DnaCalc" }, { "commit": "2d0eddcac86413014643af81d646581d54ba57bc", "locator": "delivered_scalar_readings_follow_the_application_route", "note": "recorded answers pinned", "path": "apps/dna-onecalc/tests/acceptance.rs", "repository": "DnaCalc" }, { "commit": "2d0eddcac86413014643af81d646581d54ba57bc", "locator": null, "note": "87 recorded readings", "path": "crates/calc-func/tests/captures/fn4_questions/YEARFRAC.reading.json", "repository": "DnaCalc" } ], "functions": [ "FUNC.ACCRINTM", "FUNC.DISC", "FUNC.INTRATE", "FUNC.PRICEDISC", "FUNC.RECEIVED", "FUNC.YEARFRAC" ], "inferred": null, "kind": "quirk", "note_id": "FN-YEARFRAC-001", "open": [ "An argument left empty in the call, as in YEARFRAC(,5), has not been read." ], "recorded_on": "2026-11-04", "repros": [ { "call": "YEARFRAC(59, 60, 1)", "correct": null, "excel": { "bits": "0x3f66719f3601671a", "display": "0.0027397260273972603", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "start_date", "value": { "bits": "0x404d800000000000", "display": "59", "kind": "number" } }, { "name": "end_date", "value": { "bits": "0x404e000000000000", "display": "60", "kind": "number" } }, { "name": "basis", "value": { "bits": "0x3ff0000000000000", "display": "1", "kind": "number" } } ], "recorded_in": "Excel 16.0.20527.20088, Windows, bitness and CPU not recorded in this reading file", "source": { "commit": "2d0eddcac86413014643af81d646581d54ba57bc", "locator": "fn7-YEARFRAC-fictitious-leap-day-3", "note": null, "path": "crates/calc-func/tests/captures/fn4_questions/YEARFRAC.reading.json", "repository": "DnaCalc" } }, { "call": "YEARFRAC(1520, 1521, 1)", "correct": null, "excel": { "bits": "0x3f6661ec6a5122f9", "display": "0.00273224043715847", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "start_date", "value": { "bits": "0x4097c00000000000", "display": "1520", "kind": "number" } }, { "name": "end_date", "value": { "bits": "0x4097c40000000000", "display": "1521", "kind": "number" } }, { "name": "basis", "value": { "bits": "0x3ff0000000000000", "display": "1", "kind": "number" } } ], "recorded_in": "Excel 16.0.20527.20088, Windows, bitness and CPU not recorded in this reading file", "source": { "commit": "2d0eddcac86413014643af81d646581d54ba57bc", "locator": "fn7-YEARFRAC-fictitious-leap-day-9", "note": null, "path": "crates/calc-func/tests/captures/fn4_questions/YEARFRAC.reading.json", "repository": "DnaCalc" } }, { "call": "YEARFRAC(0, 5, 0)", "correct": null, "excel": { "bits": "0x3f8c71c71c71c71c", "display": "0.013888888888888888", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "start_date", "value": { "bits": "0x0000000000000000", "display": "0", "kind": "number" } }, { "name": "end_date", "value": { "bits": "0x4014000000000000", "display": "5", "kind": "number" } }, { "name": "basis", "value": { "bits": "0x0000000000000000", "display": "0", "kind": "number" } } ], "recorded_in": "Excel 16.0.20527.20088, Windows, bitness and CPU not recorded in this reading file", "source": { "commit": "2d0eddcac86413014643af81d646581d54ba57bc", "locator": "fn7-YEARFRAC-calendar-zero-11", "note": null, "path": "crates/calc-func/tests/captures/fn4_questions/YEARFRAC.reading.json", "repository": "DnaCalc" } }, { "call": "YEARFRAC(0, 60, 1)", "correct": null, "excel": { "bits": "0x3fc50a8542a150a8", "display": "0.1643835616438356", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "start_date", "value": { "bits": "0x0000000000000000", "display": "0", "kind": "number" } }, { "name": "end_date", "value": { "bits": "0x404e000000000000", "display": "60", "kind": "number" } }, { "name": "basis", "value": { "bits": "0x3ff0000000000000", "display": "1", "kind": "number" } } ], "recorded_in": "Excel 16.0.20527.20088, Windows, bitness and CPU not recorded in this reading file", "source": { "commit": "2d0eddcac86413014643af81d646581d54ba57bc", "locator": "fn7-YEARFRAC-fictitious-leap-day-1", "note": null, "path": "crates/calc-func/tests/captures/fn4_questions/YEARFRAC.reading.json", "repository": "DnaCalc" } }, { "call": "DISC(59, 60, 99, 100, 1)", "correct": null, "excel": { "bits": "0x400d33333333333a", "display": "3.650000000000003", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "settlement", "value": { "bits": "0x404d800000000000", "display": "59", "kind": "number" } }, { "name": "maturity", "value": { "bits": "0x404e000000000000", "display": "60", "kind": "number" } }, { "name": "pr", "value": { "bits": "0x4058c00000000000", "display": "99", "kind": "number" } }, { "name": "redemption", "value": { "bits": "0x4059000000000000", "display": "100", "kind": "number" } }, { "name": "basis", "value": { "bits": "0x3ff0000000000000", "display": "1", "kind": "number" } } ], "recorded_in": "Excel 16.0.20527.20088, Windows, bitness and CPU not recorded in this reading file", "source": { "commit": "2d0eddcac86413014643af81d646581d54ba57bc", "locator": "fn7-DISC-fictitious-leap-day-1", "note": null, "path": "crates/calc-func/tests/captures/fn4_questions/DISC.reading.json", "repository": "DnaCalc" } }, { "call": "DISC(1520, 1521, 99, 100, 1)", "correct": null, "excel": { "bits": "0x400d47ae147ae14f", "display": "3.6600000000000033", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "settlement", "value": { "bits": "0x4097c00000000000", "display": "1520", "kind": "number" } }, { "name": "maturity", "value": { "bits": "0x4097c40000000000", "display": "1521", "kind": "number" } }, { "name": "pr", "value": { "bits": "0x4058c00000000000", "display": "99", "kind": "number" } }, { "name": "redemption", "value": { "bits": "0x4059000000000000", "display": "100", "kind": "number" } }, { "name": "basis", "value": { "bits": "0x3ff0000000000000", "display": "1", "kind": "number" } } ], "recorded_in": "Excel 16.0.20527.20088, Windows, bitness and CPU not recorded in this reading file", "source": { "commit": "2d0eddcac86413014643af81d646581d54ba57bc", "locator": "fn7-DISC-fictitious-leap-day-2", "note": null, "path": "crates/calc-func/tests/captures/fn4_questions/DISC.reading.json", "repository": "DnaCalc" } } ], "schema": "efh.function-note/v1", "statement": "Excel's calendar holds a 29 February 1900, serial 60, that never existed. On basis 1 (actual/actual) it does not make 1900 a leap year: YEARFRAC(59,60,1) is 1/365, where the real 1904-02-29 gives YEARFRAC(1520,1521,1) = 1/366. Serial 0 is accepted as a date: YEARFRAC(0,5,0) is 5/360 and YEARFRAC(0,60,1) is 60/365. Reversed dates give the same answer as in order. ACCRINTM, DISC, INTRATE, PRICEDISC and RECEIVED take the same 365 and 366 on those dates: DISC(59,60,99,100,1) is about 3.65 and DISC(1520,1521,99,100,1) about 3.66.", "status": "measured", "title": "On basis 1 the fictitious 1900-02-29 is not a leap day, and YEARFRAC takes serial 0 as a date" } ], "schema": "efh.function-reference/v1", "section_order": [ "what-it-does", "try-it", "quirks", "how-to-implement", "version-differences", "alternatives" ], "sections": { "alternatives": "\n### Relationships\n\n\n- **[DISC](FUNC.DISC.md)** — the redemption-side quotation of the same instrument, with the exact\n conversion above. Read the two pages together.\n- **[RECEIVED](FUNC.RECEIVED.md)** — what comes back at maturity for a given investment, but it\n takes a discount rate, not `INTRATE`'s rate, so `RECEIVED(…, INTRATE(…))` does not reproduce the\n redemption. Convert first with `d = r / (1 + r × T)`, or compute `investment × (1 + r × T)`.\n- **`YIELDMAT`** — for a security that pays interest at maturity but *accrues* from an issue date,\n which `INTRATE` does not model. If your instrument has an issue date distinct from settlement,\n `INTRATE` is the wrong function.\n- **`TBILLEQ`** — the bond-equivalent yield of a Treasury bill: the same idea of restating a\n discount quotation on the investment side, wired to the T-bill conventions.\n- **`RRI`** — the *compound* rate that takes a present value to a future value over `n` periods.\n `INTRATE` is the simple-interest answer to a superficially similar question, and the two diverge\n as soon as the horizon exceeds a year.\n- **`YEARFRAC`** — the day-count machinery, exposed directly; the fastest way to isolate whether a\n surprising `INTRATE` result comes from the calendar or from the amounts.\n\n\n", "how-to-implement": "\n### Numerical notes\n\n\nThe arithmetic is one subtraction, two divisions and a multiplication. All of the interesting\nbehaviour is in `T` and in one cancellation site.\n\n**Cancellation in `redemption − investment`.** For a short-dated instrument the two amounts agree to\nmany significant figures, so the difference loses precision exactly where `1/T` is largest. The\nrelative error of the result is the relative error of the difference multiplied by nothing at\nall — the `1/T` factor scales both the value and its error — but the *absolute* error in the rate\ngrows with `1/T`, which is what a reader comparing two nearly identical short-dated quotes will\nnotice. There is no rearrangement that avoids this; the information is genuinely in the last few\ndigits of the two inputs.\n\n", "quirks": "\n### Result and edge cases\n\n\nReturns `Number` — an annualized rate as a decimal fraction.\n\n- **`redemption < investment`** is admissible and yields a negative rate. There is no guard against\n a loss-making trade.\n- **`settlement ≥ maturity`** is a domain error rather than a sign flip.\n- **Short spans amplify.** As `T → 0` the rate diverges; a one-day instrument at a hundredth of a\n percent gain annualizes to a large number, and that is the arithmetic working, not failing.\n- **Non-integer `basis`** is truncated toward zero before the range check.\n- Empty, missing and error arguments follow the shared call model; see\n [The value universe](../model/01-value-universe.md).\n\n\n\n### Errors\n\n\nAs documented on Microsoft's `INTRATE` page:\n\n| Error | Condition |\n|---|---|\n| `#VALUE!` | `settlement` or `maturity` is not a valid serial date number |\n| `#NUM!` | `investment ≤ 0` or `redemption ≤ 0` |\n| `#NUM!` | `basis < 0` or `basis > 4` |\n| `#NUM!` | `settlement ≥ maturity` |\n\n", "sources": "- Microsoft, \"INTRATE function\" —\n \n (syntax, argument meanings, the day-count basis table, the serial-date and truncation remarks,\n and the documented `#VALUE!` and `#NUM!` conditions).\n- Microsoft, \"DISC function\" —\n \n (the basis table verbatim, and the companion quotation convention).\n- Handbook, [The value universe](../model/01-value-universe.md) and\n [Coercion and lifting](../model/02-coercion-and-lifting.md).\n- Handbook projections `data/functions/FUNC.INTRATE.json` and `data/presence/FUNC.INTRATE.json`.\n\n", "version-differences": "The recorded environments below distinguish a reading from a same-input comparison. Counts describe captured inputs in each environment; overlapping captures and comparisons are not totals of unique worksheet calls.\n\n| Excel 16.0 build | Platform and CPU | Captured inputs |\n|---|---|---:|\n| 20430 | Windows, 64-bit, AMD Ryzen 7 4800H with Radeon Graphics | 2,400 |\n\nThe record contains no same-input comparison between these environments. Reading different inputs on different builds does not establish either a version change or cross-build agreement.\n\n[Recorded environments and comparison details](https://github.com/DnaCalc/ExcelFunctionsHandbook/blob/5dc75391aa5125ccc5abdb095da85950980d6fd8/content/evidence/environments/FUNC.INTRATE.json).", "what-it-does": "\n`INTRATE(settlement, maturity, investment, redemption, [basis])` returns the **simple annualized\ninterest rate** for a fully invested security — one that pays nothing until maturity, when it pays\n`redemption` against an outlay of `investment`.\n\nWith `T` the year fraction from settlement to maturity under the chosen day-count `basis`:\n\n INTRATE = (redemption − investment) / investment × 1/T\n\nIn Microsoft's notation, with `B` the basis year length in days and `DIM` the number of days from\nsettlement to maturity, `T = DIM/B` and\n\n INTRATE = (redemption − investment) / investment × B / DIM\n\n**\"Fully invested\" is the definitional constraint**, and it means exactly one thing: there are no\nintermediate cash flows. Every coupon-bearing instrument is outside this function's model, and\n`INTRATE` will still return a number if you feed it one — a wrong number, computed correctly.\n\nThe rate is **simple, not compounded**. Over a span longer than a year, `INTRATE` returns the total\ngain divided by the number of years, with no reinvestment of interest at all. It is not comparable\nto an `EFFECT`-style annual equivalent and it is not `RRI`.\n\n### The pair with DISC\n\n`INTRATE` and [DISC](FUNC.DISC.md) describe the same trade and disagree about the denominator:\n\n| | Numerator | Denominator |\n|---|---|---|\n| `INTRATE` | `redemption − investment` | `investment` — what you paid |\n| `DISC` | `redemption − pr` | `redemption` — what you get back |\n\nSince `redemption > investment` for any security bought at a discount, `INTRATE > DISC` always, and\nthe gap widens with `T`. The exact conversions:\n\n INTRATE = DISC / (1 − DISC·T)\n DISC = INTRATE / (1 + INTRATE·T)\n\nConfusing the two is the classic money-market quotation error. It is not a small error: on a\none-year instrument at a 10% discount rate the investment-side rate is about 11.1%.\n\n\n\n### Arguments\n\n\n| Argument | Meaning | Default |\n|---|---|---|\n| `settlement` | The settlement date — when the security trades to the buyer. Required. | — |\n| `maturity` | The maturity date — when the security expires. Required. | — |\n| `investment` | The amount invested in the security. Required. | — |\n| `redemption` | The amount to be received at maturity. Required. | — |\n| `basis` | The day-count basis. Optional. | 0 |\n\nNote the argument-shape asymmetry with `DISC`, and it is easy to miss: `DISC` takes a **price per\n$100 face value**, while `INTRATE` takes an **amount invested**. Because both functions use their\ntwo money arguments only as a ratio, either scaling gives the same answer *provided both money\narguments use the same one* — but the documented meanings differ, and a formula that feeds a\nper-100 price to `INTRATE` alongside a raw redemption amount is silently wrong by four orders of\nmagnitude.\n\nThe documented day-count basis values are the standard five, identical to the table on the\n[DISC](FUNC.DISC.md) page: `0` or omitted = US (NASD) 30/360, `1` = Actual/actual, `2` =\nActual/360, `3` = Actual/365, `4` = European 30/360. Dates and `basis` are documented as truncated\nto integers.\n\nNumeric coercion of the argument slots follows the shared call model; see\n[Coercion and lifting](../model/02-coercion-and-lifting.md).\n\n\n" }, "signature": { "display": "INTRATE(settlement, maturity, investment, redemption, [basis])", "parameters": [ { "description": null, "name": "settlement", "optional": false, "repeats": false }, { "description": null, "name": "maturity", "optional": false, "repeats": false }, { "description": null, "name": "investment", "optional": false, "repeats": false }, { "description": null, "name": "redemption", "optional": false, "repeats": false }, { "description": null, "name": "basis", "optional": true, "repeats": false } ], "trailing_repeats": false }, "sources": { "metadata": { "admission": { "label": "implemented", "reason": null }, "arity": { "max": 5, "min": 4 }, "category": "Financial functions", "classification": { "arg_preparation_profile": "ValuesOnlyPreAdapter", "coercion_lift_profile": "Custom", "determinism_class": "Deterministic", "error_collapse_profile": "None", "fec_dependency_profile": "None", "host_interaction_class": "None", "kernel_signature_class": "Custom", "rich_value_usage": "RichBlind", "surface_fec_dependency_profile": "None", "thread_safety_class": "SafePure", "volatility_class": "NonVolatile" }, "descriptions": { "long": null, "short": "Interest rate of a security bought and redeemed at given amounts", "short_source": "dna-calc-own" }, "docs": { "english_description": "Returns the interest rate for a fully invested security", "microsoft_url": "https://support.microsoft.com/en-us/office/intrate-function-5cb34dde-a221-4cb6-b3eb-0b9e55e1316f" }, "entry_kind": "built_in_function", "localized_family_names": null, "localized_names": [ { "locale": "ar-SA", "name": "INTRATE" }, { "locale": "bg-BG", "name": "INTRATE" }, { "locale": "cs-CZ", "name": "INTRATE" }, { "locale": "da-DK", "name": "RENTEFOD" }, { "locale": "de-DE", "name": "INTRATE" }, { "locale": "el-GR", "name": "INTRATE" }, { "locale": "en-AU", "name": "INTRATE" }, { "locale": "en-GB", "name": "INTRATE" }, { "locale": "en-US", "name": "INTRATE" }, { "locale": "es-ES", "name": "TASA.INT" }, { "locale": "et-EE", "name": "INTRATE" }, { "locale": "fi-FI", "name": "KORKO.ARVOPAPERI" }, { "locale": "fr-FR", "name": "TAUX.INTERET*" }, { "locale": "he-IL", "name": "INTRATE" }, { "locale": "hr-HR", "name": "INTRATE" }, { "locale": "hu-HU", "name": "KAMATRÁTA" }, { "locale": "id-ID", "name": "INTRATE" }, { "locale": "it-IT", "name": "INTRATE" }, { "locale": "ja-JP", "name": "INTRATE" }, { "locale": "ko-KR", "name": "INTRATE" }, { "locale": "lt-LT", "name": "INTRATE" }, { "locale": "lv-LV", "name": "INTRATE" }, { "locale": "nb-NO", "name": "RENTESATS" }, { "locale": "nl-NL", "name": "RENTEPERCENTAGE" }, { "locale": "pl-PL", "name": "STOPA.PROC" }, { "locale": "pt-BR", "name": "INTRATE" }, { "locale": "pt-PT", "name": "TAXAJUROS" }, { "locale": "ro-RO", "name": "INTRATE" }, { "locale": "ru-RU", "name": "ИНОРМА" }, { "locale": "sk-SK", "name": "INTRATE" }, { "locale": "sl-SI", "name": "INTRATE" }, { "locale": "sr-Latn-RS", "name": "INTRATE" }, { "locale": "sv-SE", "name": "ÅRSRÄNTA" }, { "locale": "th-TH", "name": "INTRATE" }, { "locale": "tr-TR", "name": "FAİZORANI işlevi" }, { "locale": "uk-UA", "name": "INTRATE" }, { "locale": "vi-VN", "name": "INTRATE" }, { "locale": "zh-CN", "name": "INTRATE" }, { "locale": "zh-HK", "name": "INTRATE" }, { "locale": "zh-TW", "name": "INTRATE" } ], "signature": { "display": "INTRATE(settlement, maturity, investment, redemption, [basis])", "parameters": [ { "description": null, "name": "settlement", "optional": false, "repeats": false }, { "description": null, "name": "maturity", "optional": false, "repeats": false }, { "description": null, "name": "investment", "optional": false, "repeats": false }, { "description": null, "name": "redemption", "optional": false, "repeats": false }, { "description": null, "name": "basis", "optional": true, "repeats": false } ], "trailing_repeats": false }, "surface_name": "INTRATE", "version_marker": null, "xlcall": { "code": "433", "symbol": "xlfIntrate" } }, "microsoft": "https://support.microsoft.com/en-us/office/intrate-function-5cb34dde-a221-4cb6-b3eb-0b9e55e1316f" }, "try_it": { "formula": "=INTRATE(58548, 58599, 428532.13421818457, 6.805737049418593, 0)" }, "url": "https://handbook.dnacalc.com/functions/INTRATE.html", "variants": [], "versions": [ { "behaviour": "INTRATE(58548, 58599, 428532.13421818457, 6.805737049418593, 0) returned -7.199885653133469 (0xc01cccaed31c9766). Inputs were supplied through cells using Value2. These are controls from this environment, not a same-input comparison with another build.", "excel_build": "16.0 build 20430", "observations": [ { "call": "INTRATE(58548, 58599, 428532.13421818457, 6.805737049418593, 0)", "excel": { "bits": "0xc01cccaed31c9766", "display": "-7.199885653133469", "kind": "number" }, "input_route": "cell-value2", "inputs": [ { "name": "settlement", "value": { "bits": "0x40ec968000000000", "display": "58548", "kind": "number" } }, { "name": "maturity", "value": { "bits": "0x40ec9ce000000000", "display": "58599", "kind": "number" } }, { "name": "investment", "value": { "bits": "0x411a27d089707de5", "display": "428532.13421818457", "kind": "number" } }, { "name": "redemption", "value": { "bits": "0x401b39132211b6ad", "display": "6.805737049418593", "kind": "number" } }, { "name": "basis", "value": { "bits": "0x0000000000000000", "display": "0", "kind": "number" } } ], "recorded_in": "Excel 16.0 build 20430, Windows 64-bit, AMD Ryzen 7 4800H" } ], "platform": "Windows 64-bit, AMD Ryzen 7 4800H", "sources": [ "https://github.com/DnaCalc/ExcelFunctionsHandbook/blob/3345a87/content/notes/FN-DISC-001.json" ] }, { "behaviour": "2,400 captured inputs are indexed for this environment. Capture dates: 2026-09-25 to 2026-09-25. This is a reading count, not a comparison with another build.", "excel_build": "16.0 build 20430", "platform": "Windows, 64-bit, AMD Ryzen 7 4800H with Radeon Graphics", "sources": [ "https://github.com/DnaCalc/ExcelFunctionsHandbook/blob/5dc75391aa5125ccc5abdb095da85950980d6fd8/content/evidence/environments/FUNC.INTRATE.json" ] } ] }