For us who aren’t as knowledgeable can you explain what buying a put means?

For example on Robinhood there’s a put for BAC that states it’s a $47 put, breakeven at $32, the premium costs $15.15. End date Jan 20, 2024.

What does the $47 mean. The stock is at $31.84 right now. When can I sell it? Do I need money to sell it if it goes below the breakeven price?