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.
\[
P=\$ 1000, r=6.0 \%, t=18 \text { months }
\]
The simple interest owed for the use of the money is $\$[$. (Round to the nearest cent as needed.)

Step 1 ：The principal $P$ is borrowed at a simple interest rate $r$ for a period of time $t$. We are given that $P=\$1000$, $r=6.0\%$, and $t=18$ months.

Step 2 ：The formula for simple interest is given by $I = P*r*t$, where $I$ is the interest, $P$ is the principal, $r$ is the rate of interest, and $t$ is the time.

Step 3 ：Here, the rate of interest is given in percentage per annum and the time is given in months. So, we need to convert the rate of interest into a fraction and the time into years.

Step 4 ：The rate of interest $r = 6.0\% = 0.06$ and the time $t = 18$ months $= 1.5$ years.

Step 5 ：Now, we can substitute these values into the formula and calculate the interest.

Step 6 ：Substituting $P = 1000$, $r = 0.06$, and $t = 1.5$ into the formula, we get $I = 1000 * 0.06 * 1.5 = 90.0$

Step 7 ：Final Answer: The simple interest owed for the use of the money is \(\boxed{90.00}\).