For each situation, explain why seeking out an individual saver to borrow money from is not ideal. Then, identify which function of banks eliminates the problem. Banks serve five functions. Read all the scenarios, then determine which function best addresses each situation. A function will be used only once.

a. As a first-year student, you need to borrow $20,000 for school. You intend to repay this loan over time after you graduate.

b. You are starting a business in a new industry and need $300 million for your initial investment.

c. You need to take out a $15,000 loan to purchase a new car. No one who knows you personally has the money to lend.

d. You want to be able to pay your bills online instead of paying for everything using cash.