How can I pay $59.40 ($0.99 X 60= ) for five year's at once?

You cannot. There are no options for annual nor multi-annual payments. iCloud storage is only available as monthly billed subscriptions. There are zero other options for additional iCloud storage. Even if you preload you’re AppleID, the monthly fee will only be taken out once every month.

Purchase an iTunes Gift Card and redeem the card to your Apple ID.

"When you redeem an App Store & iTunes Gift Card, you add credit to your Apple ID balance. You can use that credit to make purchases in the App Store, iTunes Store, Apple TV app, or Apple Books. Or you can use the credit to upgrade your iCloud storage or pay for subscriptions like Apple Music, Apple Arcade, Apple TV+, Apple TV channels, or Apple News+."

Don't forget that taxes are added to the monthly payments.