A loan was taken out on September 1, 1998 and was repaid with the following increasing annuity: The first payment was made on July 1, 1999 and was $1,000. Thereafter, payments were made on November 1, March 1, and Jul until March 1, 2004 inclusive. Each payment was 5% greater than its predecessor. The effective rate of interest throughout the period was 6% per annum. Show the amount of the loan was $17, 692 to the nearest dollar. Calculate the amount of principal repaid on July 1, 1999 calculate both the principal component and the interest component of the seventh payment