Setup: Start with a clean spreadsheet. Set the recalculation mode to MANUAL so that the model will iterate only when you press CALC (F9). Also, set the number of iterations to 1 so that you will be able to see Excel re-estimate the plug figure and interest expense. You can set the number of iterations higher (Excel’s default is 100), but Excel will converge on a solution after five or six iterations, so a setting of 1 is best to see the iterations in action. The commands are listed in Table 1.