You need to add a circuit breaker / circularity switch to avoid your model blowing up with #REFs beyond repair. This usually affects interest, as the interest payment is based on the average debt balance during any given year, which creates said circularity as the payment affects the cash flow which you would use to pay down debt. Hence, designate a cell in controls as switch, name the cell “circ”, and then add before any interest item in the debt waterfall =if(circ=0,previous year end balance debt*interest rate,average(starting balance,end balance)*interest rate)

hope this helps 

 

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