How much of the L1 exam based on formulas?

For those who have taken the exam before, What percentage of all questions would you say would involve using formulas

I took level I in December 2011 and found that most of the questions 70%+ required formulas of some sort. My perception may be a little skewed though as I spent a ton of time forcusing on memorizing formulas…

I want to hear more opinions

I am not 100% sure anymore, but if I recall well the examn was much less forumula intensive than I expected.

Maybe 40/60 (formula/concepts)