The principal $\mathrm{P}$ is borrowed at a simple interest rate $\mathrm{r}$ for a period of time $t$. Find the simple interest owed for the use of the money. Assume there are 360 days in a year. \[ P=\$ 7000, r=7.0 \%, t=18 \text { months } \] $\$ \square$ (Round to the nearest cent as needed.)

Step 1 ：We are given a principal amount of $7000, an interest rate of 7.0%, and a time period of 18 months. We are asked to find the simple interest owed for the use of the money.

Step 2 ：First, we need to convert the interest rate from a percentage to a decimal. This is done by dividing the percentage by 100. So, 7.0% becomes 0.07.

Step 3 ：Next, we need to convert the time from months to years, since the interest rate is given per year. There are 12 months in a year, so 18 months is 1.5 years.

Step 4 ：We can now use the formula for simple interest, which is \(I = Prt\), where \(I\) is the interest, \(P\) is the principal, \(r\) is the interest rate, and \(t\) is the time. Substituting the given values, we get \(I = 7000 \times 0.07 \times 1.5\).

Step 5 ：Calculating the above expression, we get \(I = 735.0000000000001\).

Step 6 ：However, we are asked to round the interest to the nearest cent. So, we round \(735.0000000000001\) to \(735.0\).

Step 7 ：Final Answer: The simple interest owed for the use of the money is \(\boxed{735.00}\).