Found this question in the BMAT mock paper from the 800 questions guide. What is the equation to calculate annual interest? The answer is 50% by the way.
Hi! Hope this helps!
I don’t use any specific equations… you just need to know what the annual interest is.
There is a special percentage of the investment that you need to repay in a period of time.
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This helps a lot thank you sm!!!
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I believe the formula for interest calculation is X(1+q)^n with X is the beginning amount, q is annual interest rate and n is number of year
The same formula can be used with monthly rate, but then you have to change n to the numbers of month, so it matches with the rate
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