Weegy: Simple interest is calculated only on the principal amount, [ or on that portion of the principal amount that remains unpaid.The amount of simple interest is calculated according to the following formula: I_{simp} = r \cdot B_0 \cdot m where r is the period interest rate (I/m), B0 the initial balance and m the number of time periods elapsed. ] (More)

Weegy:
TRUE.
The amount the bank charges for use of money is called interest. http://slater1.pageout.net/page.dyn/instructor/assessment/display_assessment?quiz_id=488661
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