Which one of the following best fits the description of private placement? There are two competing answers from CHEGG experts, one answer was a 3-year loan to a firm by its original founder, and the other answer was a 10-year loan from an insurance company. Which one is correct, please provide proof of your answer.

a) 3- year commercial bank loan

b) 3-year loan to a firm by its original founder

c) 10-year loan from an insurance company

d) 20-year bonds sold in the public markets

e) 2-year direct business loan