This has bugged me for a couple of days...
I think the formula could be improved to include a cell for entering the duration (months).
I have attached an example of what I think, this solution makes it easier to have different loan durations.
Regards.
P.s. oops, I forgot to add that our excel is a German version so we use semicolons (;) instead of commas (,) in our formula, you might need to change that.
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