Zoho Sheet PRICE: Price regular coupon cash flows per 100 face value

=PRICE(settlement; maturity; rate; yield; redemption_value; frequency; [basis])

Use dates for settlement and maturity, decimal rates, redemption quoted per 100 face value, and frequency 1, 2 or 4. Basis defaults to 0: US/NASD 30/360. Other choices are 1 actual/actual, 2 actual/360, 3 actual/365 and 4 European 30/360. Zoho describes the output as price per 100 face value and yield as annual. Official PRICE reference.

The published example examined below supports an annual coupon rate, divided by frequency to calculate each coupon. Redemption is a separate final payment: it is not the amount used to scale the coupon percentage. Enter 6% as 0.06, not 6.

In a fresh worksheet enter:

Enter =PRICE(B2;B3;B4;B5;B6;B7;B8) in B10. The independent regular-coupon model gives 96.4334705075446. Equivalently:

=PRICE(DATE(2025;1;15);DATE(2027;1;15);0.06;0.08;100;1;0)

There are two annual payments. On this coupon-date settlement, accrued interest is zero in the model. The first payment is 6, and the second is 106 including redemption. Directly calculate 6/1.08 + 106/1.08^2 to obtain the reference price. This is independent cash-flow arithmetic, not an executed Zoho result.

Change B7 to 2 for semiannual payments. Each coupon becomes 3 and each period’s discount rate becomes 4%. Four payments produce 96.3701047757431, calculated as 3/1.04 + 3/1.04^2 + 3/1.04^3 + 103/1.04^4. Frequency changes both coupon spacing and compounding, so the two prices need not coincide.

Zoho’s read-only published worksheet shows settlement February 1, 2018, maturity December 31, 2018, rate 0.085, yield 0.062, redemption 70, frequency 4 and basis 2. Its displayed result is 73.653931985. Published PRICE example.

An independent calculation uses quarterly coupon 2.125, discount factor q = 1 + 0.062/4, 32 accrued days, 58 days to the next coupon and a 90-day period denominator. Four coupons and final redemption give:

2.125/q^(58/90) + 2.125/q^(1+58/90)
+ 2.125/q^(2+58/90) + 72.125/q^(3+58/90)
- 2.125*32/90

This gives 73.6539319854665, agreeing at the displayed precision. Treating 0.085 as a quarterly rate instead gives about 96.0635436282, which does not agree. This is a bounded check of the vendor’s published example; it does not establish every date-boundary rule.

For a holding with 10,000 face value, multiply the first example’s quoted price by 10000/100. The model amount is 9,643.34705075446 before fees and other transaction adjustments. A quoted price of 96.43 does not mean a total purchase amount of 96.43 for every holding.

Two useful controls use the same annual dates and redemption. With both coupon and yield 0.06, the independent price is 100. With zero coupon and yield 0.10, it is 100/1.1^2, or 82.6446280991736. YIELD solves the inverse pricing question; an independently reconstructed inverse is a mathematical check, not proof of an application round trip.

The help lists #NUM! for negative rate or yield, nonpositive redemption, unsupported frequency, basis outside 0–4, or settlement after maturity. Avoid relying on undocumented coercion, settlement equality or fractional-frequency behavior. PRICE error conditions.

The examples use regular coupon schedules. They do not establish irregular first/last coupon pricing, holiday adjustments, leap-day boundaries or an actual trade’s accrued-interest convention. COUPNUM and COUPPCD can help inspect the assumed schedule. Use DATE rather than ambiguous date text.

Official rolling documentation and the vendor’s public demonstration were checked October 18, 2026. No authored workbook was executed in Zoho Sheet. The worked outputs are independently calculated references; the identified published result is vendor demonstration evidence. Introduction version, release number and mobile equivalence are not established by these sources. This guide explains worksheet mechanics and does not recommend a security or investment.