IfElse (Calculated value in Formula Builder)

Hi. Very new to formula builder and calculations. Any help would be great, can't seem to figure where I'm going wrong.

$expensetype_c - Dropdown (AnnualTerm/AdjustedTerm)
If AnnualTerem ($annualmonths_c) Integer field, prepopulated with 12, readonly
If AdjustedTerm ($adjustednumberofmonths_c) Open to any numeric value 1 to 11

NumberOfMonths =
- If AnnualTerm then use the value of AnnualTerm ($annualmonths_c)
- ElseIf AdjustedTerm then use the value of AdjustedTerm ($adjustednumberofmonths_c).

Version 1:

ifElse(equal($expensetype_c),"AnnualTerm"),$numbermonthslraunvouched_c,$annualmonths_c),
ifElse(equal($expensetype_c),"AdjustedTerm"),$numbermonthslraunvouched_c,$adjustednumberofmonths_c))

Error:- ifElse: Syntax Error (Improperly Terminated String ')')34 35


I will have many fields reading the same Expesnse Type Dropdown so would like to either use either of the values based on Expense Type so this would be a massive help if solved!!.

Thanks a mil, Sean

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