For each of the following explain whether it illustrates direct or indirect finance. Provide a one or two-sentence explanation for each.

a)Rachel buys a 1-year bond newly issued by the state ofCalifornia.

b)Rachelle read a news story that her bank made a large loan to a localbusiness.

c)Regina used cash in her brokerage account to buy shares of Disneystock.

d)Rowena lent money to a homeowner in Michigan for debt consolidation viaProsper.com