PRICEMAT Function in Microsoft Excel: Syntax, Examples & Troubleshooting

=PRICEMAT(settlement, maturity, issue, rate, yld, [basis])

The first five arguments are required. Settlement is the buyer’s settlement date, maturity is the final payment date, and issue is the original issue date. Rate is the interest rate at issue; yld is the annual yield. There is no coupon-frequency argument because the modeled interest is paid at maturity.

The optional basis codes are 0 or omitted = US (NASD) 30/360; 1 = actual/actual; 2 = actual/360; 3 = actual/365; 4 = European 30/360. Use DATE formulas or genuine date values; date text can be ambiguous between locales. The dates and relevant frequency/basis inputs are truncated to integers as documented, so time-of-day fractions do not create intraday accrual.

Enter the following inputs:

1. Enter =PRICEMAT(B2,B3,B4,B5,B6,B7) in D2.
2. Expected result: approximately 99.48039216.
3. Reconcile it as 103/1.02−1.5.

On this mid-month 30/360 fixture, issue-to-maturity is 180 convention days, issue-to-settlement is 90 and settlement-to-maturity is 90. The maturity cash flow is 100 + 100×6%×180/360 = 103. Discounting it at 8% for a quarter gives about 100.98039216. Subtract accrued interest 1.5 to obtain the quoted price.

=PRICEMAT(DATE(2026,1,15),DATE(2026,7,15),DATE(2026,1,15),6%,6%,0)

Expected result: 100. There is no accrued interest at settlement, and the 103 maturity amount is divided by 1+6%×0.5 = 1.03. The example keeps the order settlement, maturity, issue; it does not move issue to the first argument.

Using the original later settlement, but zero yield, =PRICEMAT(B2,B3,B4,B5,0,B7) is expected to return 101.5. The final cash flow 103 is not discounted, but the 1.5 accrued interest is still subtracted. The documented domain rejects negative yield, not zero yield.

If face value is 10000, the original quote represents a quoted-price component of approximately 9948.03921569. Adding the corresponding accrued-interest amount of 150 gives approximately 10098.03921569, before any separate charges. Keep those components labeled rather than confusing price-per-100 with a full transaction amount.

The calculation uses three distinct intervals. A schedule showing issue, settlement and maturity makes it easier to identify a swapped date or an incorrect accrual start. Use coherent chronological inputs; the reference’s documented error list is not a complete specification of every unusual issue-date ordering.

Invalid issue, settlement or maturity dates produce documented #VALUE!. Negative rate or yield, basis outside 0–4, or settlement at or after maturity produces documented #NUM!. Dates and basis are truncated to integers.

The interest-at-maturity model differs from a regular coupon bond. It has no redemption or frequency parameter to customize those features, and it does not fetch the security’s contractual terms. These are independent arithmetic examples, not a recommendation about a real security.

Microsoft’s reference checked on October 17, 2026 lists: Excel for Microsoft 365 Excel for Microsoft 365 for Mac Excel 2024 Excel 2024 for Mac Excel 2021 Excel 2021 for Mac Excel 2019 Excel 2016. This current support list does not establish the first release. The introduction version and last functioning version have not been established from the reviewed documentation. No retirement is asserted.

Example verification: Expected numerical results are independently calculated; text and shape expectations follow the documented contract. These examples have not been tested in Microsoft Excel. No screenshot or native execution is claimed.

DATE in Excel | DAYS in Excel | PV in Excel | ROUND in Excel

• Microsoft PRICEMAT reference, retrieved October 17, 2026.