The principal $P$ is borrowed at simple intêrest rate $r$ for a period of time $t$. Find the simple interest owed for the use of the money. Assume 360 days in a year and round answer to the nearest cent. (Remember I = Prt) \[ \begin{array}{l} P=\$ 500.00 \\ r=8 \% \\ t=3 \text { months } \end{array} \]

Step 1 ：Given the principal amount (P) is $500, the rate of interest (r) is 8% or 0.08 in decimal form, and the time period (t) is 3 months or 0.25 years (since there are 12 months in a year).

Step 2 ：The formula for simple interest is given by \(I = Prt\).

Step 3 ：Substitute the given values into the formula to find the simple interest: \(I = 500 \times 0.08 \times 0.25\).

Step 4 ：Calculate the above expression to find the simple interest.

Step 5 ：\(\boxed{10.00}\) dollars is the simple interest owed for the use of the money.