price: A number value representing the cost of the security per $100 of par value. price is calculated as purchase price / face value * 100 and it must be greater than 0.
days-basis: An optional European method for dates falling on the 31st of a month.
Example
Suppose you are considering the purchase of a hypothetical security. The security was originally issued December 14, 2008 (issue), your purchase will settle May 1, 2009 (settle), the security matures at 100 per $100 of face value (price is 100) on June 30, 2015, and the security pays interest only at maturity at an annual rate of 6.5% (annual-rate) calculated based on a 30/360 days basis (days-basis). The security is being offered at 99.002 (price).
=YIELDMAT("05/01/2009", "06/30/2015", "12/14/2008", 0.065, 99.002, 0) returns approximately 6.565%, the yield to maturity based on the assumptions given. The yield to maturity will be higher than the annual interest rate if the security is priced below the maturity price and lower than the annual interest rate if the security is priced above the maturity price.