They paid $1 for the con-note and it has a face value of $1.20 hence i wrote the 'interest' (using inverted commas to denote that it's not interest in the ordinary sense of X%pa) is "built in to the face value".
Perhaps substitute the word 'interest' with 'Magna's profit' and you get what I was meaning.
Baillieu Valuation of VEC, page-574
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