If I cut 16 runs at 7 1/2", wouldn't my very first step be 9"?
If your treads are made from 2x4's or 2x6's, they are 1 1/2" thick. Cut 1 1/2" (or whatever tread thickness you have) off the bottom of the stringer and install the top step of the stringer down 9" (in your case) from the finished floor. When you put the treads on, you are adding 1 1/2" to the bottom rise of 5" which equals 7 1/2" and subtracting 1 1/2" to the top rise of 9" which equals 7 1/2", making all the rises the same height. See my article Building Stair Stringers for more information.