Is there a Excel Equivalent of Multiplan's iteration count formula-ITERCNT?

I am developing my spreadsheets using Excel 2003 but using Multiplan instruction book.

The Multiplan formula goes something like this:

IF(ISNA(ITERCNT()),LOAN*MRATE,IF(ITERCNT()11,RC,R[-1]C*MRATE)). I would like to get the same outcome with MS Excel.

Thanks for any assistance.