Clamp the MDF panel on its side to a work table; the edge to be banded sticking up.
Plug in the iron and let it heat up.
Cut off a piece of the wood tape 1 inch longer than the MDF panel with scissors.
Hold the end of the wood tape, glue side down, flat against the edge of the MDF panel. The glue side has a yellowish, tacky substance on it. Hold the tape square; you should have a slight overhang on both sides of the panel. Starting from one end of the panel, apply the iron to the tape, applying pressure, smashing the tape against the MDF panel. Wait about one minute for the glue to melt; you will see the glue begin to ooze out from underneath the tape.
Slide the iron along the edge of the panel slowly with one hand as you square and hold the tape even with the other hand. Move a few inches and then stop, wait for the glue to melt and move another inch. Continue smashing and sliding the iron along the tape until you reach the end. Remove the iron and let the glue dry for 15 minutes.
Slide a chisel along the side of the panel, cutting away the slight lip of overhanging tape. Do both sides.