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Calculating monthly interest expenses on a lease without using IRR?

How to use the nominal monthly interst rate so that debt on BS reduces from NPV to 0 within the period used in the first place? (IFRS16)

- monthly payments (-20 000 a month for 5 years)
- nominal value at t=0 not used

Structure on my Excel files at the moment:
1) NPV of the lease payments calculated with annual r= 5,1%
 NPV at the beginning of the year (-20 000/(1,051)^(month/12)) --> NPV at t=0

2) NPV - debt instalment (-20000 - r*NPV) = debt at beginning of month 2 --- and so on.

Debt at the end of year 6 should be 0. r= 1,051^(1/12) makes it happen but I must use higher monthly interest rate.

What should I change? Thanks in advance.

asked Jul 18, 2017 in IFRS 16 - Leases by Rick

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