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isider a $45,000 loan to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 8%. intermediate calculations. Round your answer to the nearest cent. $ Why are these payments not half as large as the payments on the loan in part b? I. Because the payments are spread out over a longer time period, more interest must be paid on the loan, which raises the amount of each payment. II. Because the payments are spread out over a longer time period, more principal must be paid on the loan, which raises the amount of each payment. III. Because the payments are spread out over a longer time period, less interest is paid on the loant which raises the amount of IV. Because the payments are spread out over a longer time period, less interest is paid on the loant which lowers the amount each V. Because the payments are spread out over a shorter time period, more interest is paid on the loan, which lowers the amount of each payment