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[]
["Circularity Workout with Macros"]
[]
[]
["This document is for training purposes only. Financial Edge accepts no responsibility or liability for any other purpose or usage."]
[]
[{"$f":"\"© \"&YEAR(TODAY())&\" Financial Edge Training\"","v":"© 2026 Financial Edge Training"}]
["www.fe.training"]

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[{"$f":"Welcome!A2","v":"Circularity Workout with Macros"}]
["Workout Information"]
[]
[null,"Features",null,null,null,null,null,null,null,null,null,"Model Details"]
[null,"◦","Feature 1",null,null,null,null,null,null,null,null,"Company name",null,"ABC Incorporated"]
[null,"◦","Feature 2",null,null,null,null,null,null,null,null,"Date",null,"2018-12-31"]
[null,"◦","Feature 3",null,null,null,null,null,null,null,null,"Currency",null,"USD"]
[null,null,null,null,null,null,null,null,null,null,null,"Units",null,"Millions"]
[null,null,null,null,null,null,null,null,null,null,null,"Analyst Name",null,"Firstname Lastname"]
[null,null,null,null,null,null,null,null,null,null,null,"Circular Switch"]
[]
[]
[null,"Tab Structure",null,null,null,null,null,null,null,null,null,null,null,null,"Formatting"]
[null,"Tab name here",null,"Tab description here"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Input"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Hard coded"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Formulas"]

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[{"$f":"Welcome!A2","v":"Circularity Workout with Macros"}]
[]
[]
["Workout"]
[null,"Calculate the interest payable in each of the four years of the following project finance transaction, using a macro to resolve interest circularity"]
[]
[null,"Project Income",500]
[null,"Capital Expenditure",1200]
[null,"Until year",2]
[null,"Interest",0.1]
[]
[null,"Year",null,1,2,3,4]
[null,"Cash Flow:"]
[null,"Project Income",null,{"$f":"IF(D12>$C$9,$C$7,0)","v":0},{"$f":"IF(E12>$C$9,$C$7,0)","v":0},500,500]
[null,"Capital Expenditure",null,{"$f":"-IF(D12<=$C$9,$C$8,0)","v":-1200},{"$f":"-IF(E12<=$C$9,$C$8,0)","v":-1200},{"$f":"-IF(F12<=$C$9,$C$8,0)","v":0},0]
[null,"Interest",null,{"$f":"-D30","v":-133.3333331111111},{"$f":"-E30","v":-281.48147923456776},{"$f":"-F30","v":-281.48147923456776},{"$f":"-G30","v":-259.62962535802433}]
[null,"Funding Gap",null,{"$f":"SUM(D14:D16)","v":-1333.3333331111112},{"$f":"SUM(E14:E16)","v":-1481.4814792345678},{"$f":"SUM(F14:F16)","v":218.51852076543224},240.37037464197567]
[null,"Debt Drawdown",null,{"$f":"IF(D17<0,-D17,0)","v":1333.3333331111112},{"$f":"IF(E17<0,-E17,0)","v":1481.4814792345678},{"$f":"IF(F17<0,-F17,0)","v":0},{"$f":"IF(G17<0,-G17,0)","v":0}]
[null,null,null,{"$f":"SUM(D17:D18)","v":0},{"$f":"SUM(E17:E18)","v":0},{"$f":"SUM(F17:F18)","v":218.51852076543224},{"$f":"SUM(G17:G18)","v":240.37037464197567}]
[null,"Debt Repayments",null,{"$f":"-IF(D19>0,MIN(D19,D26),0)","v":0},{"$f":"-IF(E19>0,MIN(E19,E26),0)","v":0},{"$f":"-IF(F19>0,MIN(F19,F26),0)","v":-218.51852076543224},{"$f":"-IF(G19>0,MIN(G19,G26),0)","v":-240.37037464197567}]
[null,"Free Cash Flow",null,{"$f":"SUM(D19:D20)","v":0},{"$f":"SUM(E19:E20)","v":0},{"$f":"SUM(F19:F20)","v":0},{"$f":"SUM(G19:G20)","v":0}]
[]
[null,"Debt Facility:"]
[null,"Opening Balance",null,{"$f":"C28","v":0},{"$f":"D28","v":1333.3333331111112},{"$f":"E28","v":2814.814812345679},{"$f":"F28","v":2596.2962915802468}]
[null,"Drawdown",null,{"$f":"D18","v":1333.3333331111112},{"$f":"E18","v":1481.4814792345678},{"$f":"F18","v":0},{"$f":"G18","v":0}]
[null,null,null,{"$f":"SUM(D24:D25)","v":1333.3333331111112},{"$f":"SUM(E24:E25)","v":2814.814812345679},{"$f":"SUM(F24:F25)","v":2814.814812345679},{"$f":"SUM(G24:G25)","v":2596.2962915802468}]
[null,"Repayments",null,{"$f":"-MIN(D26,-D20)","v":0},{"$f":"-MIN(E26,-E20)","v":0},-218.51852076543224,-240.37037464197567]
[null,"Closing Balance",0,{"$f":"D27+D26","v":1333.3333331111112},{"$f":"E27+E26","v":2814.814812345679},{"$f":"F27+F26","v":2596.2962915802468},{"$f":"G27+G26","v":2355.9259169382713}]
[]
[null,"Interest",{"$f":"C10","v":0.1},133.3333331111111,281.48147923456776,281.48147923456776,259.62962535802433]
[null,"Interest calculation",null,{"$f":"D26*$C$30","v":133.33333331111112},{"$f":"E26*$C$30","v":281.48148123456792},281.48148123456792,259.62962915802467]
[null,"Difference vs row 30 above",null,{"$f":"D30-D31","v":-2.000000165480742E-7},{"$f":"E30-E31","v":-2.000000165480742E-6},-2.000000165480742E-6,-3.8000003428351192E-6]