Blade Distributors plans on constructing a warehouse with a cost of $2.5 million. The company will require loan funding on 70% of the cost and will target a payoff period of 8 years. Using an indicated APR of 6%, what is the annual payment? What is the principal component of the first payment? $281,812.90, $176,812.90 $218,812.90, 176,812.90 $176,812.90, $288,812.80 $211,811.90, 156,555.00 Charles River Bank has indicated a savings account rate of 3.3% on a product, with quarterly compounding. Stafford County Bank, located across the street, has indicated a savings account rate of 3.25% on a product with daily compounding. Determine if the following statement is true or false: the rate offered by Charles River Bank is the better option if I plan on depositing money for a year. True False