Ch16 – Example 4 – pp66 – amortisation

I followed the the calculations through for the amortisation and have a balance as shown below 🙁

Year b/f 7.67% 4% c/f
1 93.85 7.2 (4) 97.05
2 97.05 7.4 (4) 100.49
3 100.49 7.7 (104) 4.15

Very curious, but the balance of 4.15 + 1.0 (issue costs) = 5.15 (the equity element)!!