In traditional bond structures, interest is paid periodically (e.g., semiannually). However, some bonds—such as short-term notes, certificates of deposit, or zero-coupon instruments with accrued interest—pay interest only at maturity. Excel’s PRICEMAT function is designed specifically to calculate the price per $100 face value of such instruments. This article walks through the PRICEMAT function, detailing its structure, use cases, and financial modeling insights.