Loan repayments F7

Hello Mike

Thank you so much for your lectures and notes. I have gone all the way through them and am now doing the Mini exercises in the back.

I cannot follow this one from p214 of the notes with the answer below as well;

The company issued a $25 million 6% loan note on 1 October, 2011. Issue costs were $1 million and these have been charged to
administrative expenses. The loan will be redeemed on 30 September, 2014 at a premium which gives an effective interest rate on the
loan of 8%.
What finance charge will appear in the statement of profit or loss for the year

24m @ 8% = 1.92m
24m @ 6% =1.50m
Difference 420,000
Dr Loan interest (finance charges) 420,000
Cr 6% loan account (liabilities) 420,000
Loan interest in the profit or loss account 192,000
6% loan on statement of financial position 24,420,000

I realise the issue costs are deducted but 24m @6% is not £1.5m should it be £25? I started on this with the December notes but the March ones have the same figures.

Guidance please and thanks in advance.