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.
This helps a lot thank you sm!!!
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