Apple Numbers YIELDMAT Function: Maturity Interest and Settlement Accrual
Reconstruct maturity-interest yields with complete dates, accrued-interest denominators, price scenarios and the official 30/360 example.
Verification status: See the evidence and test scope described in this guide. How formula examples are checked
YIELDMAT calculates an annual yield for a security that pays its interest only at maturity. Its issue date matters because the maturity payment and accrued interest at settlement depend on how long interest has been accumulating.
It is different from a periodic-coupon yield calculation: there is no payment-frequency argument and no intervening coupon schedule in the worked model.
Availability and verification
The official YIELDMAT reference was retrieved October 15, 2026. The YIELDMAT web tool snapshot reports a crawl about 1.4 years earlier; its retained body is not described as a newly updated Apple publication. The original introduction release and last functioning version are unknown from the checked evidence. A documentation snapshot is not a last-working-build test or proof of every client’s behavior.
No native Apple Numbers session was executed. The worked values are independent calculations from the stated fixtures, with published source examples identified separately. The examples are instructional models, not financial advice or a claim about an actual security.
Syntax and date order
YIELDMAT(settle, maturity, issue, annual-rate, price, days-basis)
The required chronological order is issue < settlement < maturity. The function’s argument order is different: settlement comes first, maturity second and issue third. Apple requires a positive annual interest rate and positive price, with price quoted per 100 of face value.
The optional basis is 0 or omitted for US/NASD 30/360, 1 actual/actual, 2 actual/360, 3 actual/365, or 4 European 30/360. The examples avoid inventing a general algorithm for unusual month-end dates or multi-year actual/actual spans.
Complete actual/365 fixture
Use issue January 1, 2026, settlement April 1, 2026, maturity October 1, 2026, annual rate 6%, price 98, and basis 3.
=YIELDMAT(DATE(2026,4,1),DATE(2026,10,1),DATE(2026,1,1),6%,98,3)
The independent annual-yield target is 0.1004134103, approximately 10.0413410327%. The complete calendar intervals are 90 days from issue to settlement, 273 days from issue to maturity, and 183 days from settlement to maturity.
Reconstruct the cash amounts
For the per-100 control, accrued interest at settlement is 100*6%*90/365 = 1.4794520548. The purchase outlay including that accrual is 99.4794520548.
The maturity amount is 100*(1+6%*273/365) = 104.4876712329. The independent simple annualization is (maturity amount/purchase outlay - 1)*365/183, producing the target above.
This explicitly stated reconstruction reproduces the ordinary maturity-interest model; it does not claim a native evaluation or a complete algorithm for every possible day-count boundary.
Example: compare price scenarios
Keep all dates, rate and basis fixed:
| Quoted price | Independent annual-yield target |
|---|---|
| 98 | 10.0413410327% |
| 100 | 5.9125269978% |
| 102 | 1.9433123406% |
The settlement accrual remains 1.4794520548 in each case. At quoted price 100, the model’s cash outlay is greater than 100 because of that accrual, so the returned annual yield is not forced to equal the stated 6% interest rate.
Omitting accrued interest from the denominator would create a different calculation. Keep the quoted price and the total settlement outlay in distinct columns.
Advanced: position-size invariance
For face value 25000, scale the per-100 amounts by 250. In the price-98 scenario, the quoted purchase amount is 24500, accrued interest is approximately 369.8630136986, and total outlay is 24869.8630136986.
The maturity amount is approximately 26121.9178082192. Applying the same holding-period return and annualization to these scaled cash amounts gives the same yield as the per-100 model. Scaling changes money amounts, not the rate.
These figures exclude fees and any actual contract’s rounding or settlement adjustments. They are a transparent calculation fixture rather than an offer or market valuation.
Advanced: check the official 30/360 example
Apple gives issue December 14, 2008, settlement May 1, 2009, maturity June 30, 2015, rate 6.5%, price 99.002 and basis 0. Its printed annual result is approximately 6.565%.
The independent ordinary 30/360 intervals are 137, 2356 and 2219 days for issue-to-settlement, issue-to-maturity and settlement-to-maturity. Using those fractions in the same accrual/outlay reconstruction gives approximately 6.5650363646%, consistent with the source’s rounded result.
The source prose mixes a 100 maturity amount with its price label; the actual formula explicitly uses 99.002 as price. This guide follows that explicit formula rather than silently changing the purchase quote to 100.
Errors and troubleshooting
Check the three dates by their roles, not by their positions in chronological order in a table. Verify the percentage rate and price-per-100 units. A percent-formatted output near 10.0413% is a stored decimal near 0.100413, not the number 10.0413.
Exact native errors for invalid bases, equal dates, zero rates or unsupported text formats were not tested. The dedicated reference does not establish them exhaustively, and another application’s error rules are not substituted here. The annualized model also does not guarantee reinvestment opportunities or a realized compounded return.