The principal $P$ is borrowed at a simple interest rate $r$ 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.
\[
P=\$ 7000, r=1.5 \%, t=9 \text { months }
\]
(Round to the nearest cent as needed.)

Step 1 ：We are given the principal $P = \$7000$, the interest rate $r = 1.5\% = 0.015$ (as a decimal), and the time $t = 9$ months.

Step 2 ：However, the time should be in years, so we need to convert 9 months to years by dividing by 12. Therefore, $t = \frac{9}{12} = 0.75$ years.

Step 3 ：The formula for simple interest is given by $I = Prt$, where $I$ is the interest, $P$ is the principal, $r$ is the interest rate, and $t$ is the time.

Step 4 ：We can substitute these values into the formula to find the interest: $I = Prt = 7000 \times 0.015 \times 0.75 = 78.75$

Step 5 ：Final Answer: The simple interest owed for the use of the money is \(\boxed{\$78.75}\).