Why are the following now equal (I am having a brain lock)

If rate = 5%(cell A1), nper = .75 (Cell A2), and amount = 35,000 (cell A3)

PV(A1,A2,A3,0) does not equal PV(A1,A2,0,A3)

The problem appears to be that when the amount appeears as the PMT for less than a full period, the full amount is not used.
I am trying to PV all of the full interest payments on a bond; i.e., PV(7%,12.34444,35000,1000000); yet the first period seems to only include a portion of the interest payment.
Thanks in advance.