Amount issued $400 million Offered Issued at a price of 101.50% plus accrued interest (proceeds to company 101.300%) through First Boston Corporation. Interest 9.25% per annum, payable February 15 and August 15. Suppose the debenture was issued on September 1, 1992, at 101.50%. I know to use the formula = Amount of first interest payment = Amount Issued of Bond x Interest rate x 1/2 but why am I multiplying by 1/2?