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 \(\boxed{\$78.75}\).