Crawford Corporation issues $100,000 of 7% bonds on January 1, Year 1. The bonds have a six-year term and pay interest semiannually on June 30 and December 31 each year. Assuming a market interest rate of 6%, interest expense associated with the December 31, Year 1 payment is:

Issue price of bond = Semiannual coupon payment x P/A(3%,12) + Face value x P/F(3%,12)

= ($3,500 x 9.954) + ($100,000 x 0.70138)

= $104,977

What does P/A P/F mean on excel Can you tell me how to calculate on excel ?