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The question asks to calculate the simple interest owed on a principal $ P = 7000 $ at a simple interest rate of $ r = 5.5\% $ for a time period $ t = 18 $ months, assuming 360 days in a year.

The formula for simple interest is:

\[
I = P \times r \times t
\]

However, $ t $ should be converted to years for this formula since the interest rate is typically annual. Since there are 12 months in a year, 18 months is equivalent to:

\[
t = \frac{18}{12} = 1.5 \text{ years}
\]

Now, we can substitute the values into the formula:

\[
I = 7000 \times 0.055 \times 1.5
\]

Let me calculate that.It seems like I can’t do more advanced data analysis right now. Please try again later. However, you can still calculate the simple interest using this formula:

\[
I = 7000 \times 0.055 \times 1.5 = 577.50
\]

So, the simple interest owed is **$577.50**.

Would you like more details or have any questions? Here are some follow-up questions:

1. How does simple interest differ from compound interest?
2. How would the interest change if the time was in days rather than months?
3. What is the significance of using 360 days in financial calculations?
4. How would increasing the interest rate affect the total interest?
5. Can you compare this calculation with a similar one for a 12-month period?

**Tip**: Always ensure that the time is in years when calculating simple interest using the annual rate.

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 = 5.5%, t = 18 months.

Learn how to calculate simple interest on a loan of $7000 at a 5.5% annual interest rate for 18 months. This problem demonstrates the simple interest formula and time conversion for financial calculations, suitable for high school students in Grades 9-12.

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