The INTRATE Function is categorized under Excel Financial functions. It will calculate the interest rate for a fully invested security. The function was introduced in MS Excel 2007. As a financial analyst, we regularly come across scenarios where we need to evaluate investments. The INTRATE function is particularly useful in calculating the interest rate of an unlisted bond.
Syntax:= INTRATE (settlement, maturity, investment, redemption, [basis])
The INTRATE function syntax has the following arguments:
 Settlement Required. The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
 Maturity Required. The security’s maturity date. The maturity date is the date when the security expires.
 Investment Required. The amount invested in the security.
 Redemption Required. The amount to be received at maturity.
 Basis Optional. The type of day count basis to use.
Basis  Day count basis 

0 or omitted  US (NASD) 30/360 
1  Actual/actual 
2  Actual/360 
3  Actual/365 
4  European 30/360 
Example: Let’s look at some Excel INTRATE function examples and explore how to use the INTRATE function as a worksheet function in Microsoft Excel:
Syntax: =INTRATE(B1,B2,B3,B4,B5)
Result:
Based on the Excel spreadsheet above, the following INTRATE examples would return:
Syntax: =INTRATE(B1,B2,B3,B4,B5)
Result: 0.05793913
Syntax: =INTRATE(DATE(2019,3,1),DATE(2019,6,1),3000000,3044420,2)
Result: 0.05793913
Syntax: =INTRATE(DATE(2019,3,1),DATE(2019,6,1),B3,B4,B5)
Result: 0.05793913
Note:
 Settlement, maturity, and basis are truncated to integers.
 If settlement or maturity is not a valid date, INTRATE returns the #VALUE! error value.

If investment ≤ 0 or if redemption ≤ 0, INTRATE returns the #NUM! error value.
 If basis < 0 or if basis > 4, INTRATE returns the #NUM! error value.
 If settlement ≥ maturity, INTRATE returns the #NUM! error value.

INTRATE is calculated as follows:
where:
 B = number of days in a year, depending on the year basis.

DIM = number of days from settlement to maturity.