How do I pay for Amazon EC2 up front for a year?

Question

Amazon Web Services

There are several instances that have been operating unchanged for several years. I read that you can pay immediately for a long period in advance (and not every month for consumption), but how exactly - it's not clear.
Did I understand correctly that having instances "on demand" (i.e. as it is now), you need to go to the section for reserving instances and buy one exactly the same configuration as "on demand"? And then when you pay for monthly services, one of the "on demand" instances will disappear from the bills for a year?

Answer 1

for every taste