b) A loan was taken out on September 1, 2000 and was repaid with the following increasing annuity The first payment was made on July 1, 2001 and was RM1,000. Thereafter, payments were made on November 1, March 1 and July 1 until March 1, 2006 inclusive. Each payment was 3% greater than its predecessor. The effective rate of interest throughout the period was 5% per annum. () Show the amount of the loan was RM15,833 to the nearest dollar (i) Calculate the amount of principal repaid on July 1, 2001. (ii) Calculate both the principal component and the interest component of the seventh payment. (15 marks)