20.15 Which of the following are characteristics of public issues, and which are characteristics of direct financing?

a. SEC registration required

b. Higher interest cost

c. Higher fixed cost

d. Quicker access to funds

e. Active secondary market

f. Easily renegotiated g. Lower flotation costs h. Regular amortization required i. Ease of repurchase at favorable prices j. High total cost to small borrowers k. Flexible terms l. Less intensive investigation required