Why are these payments not half as large as the payments on the loan in part b$?$

$-$Select$-$

I. 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.

II$.$ Because the payments are spread out over a longer time period, less interest is 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 loan, which lowers the amount of each payment.

IV$.$ 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.

V$.$ 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.