What is the difference between direct paper and dealerpaper?

(Select all of the choices thatapply.)

A. Direct paper is a method by which a firm sells its commercial paper directly to investors.

B. Dealer paper refers to the sale of commercial paper through dealers.

C. The dealers get a fee for theirservices, thus reducing the proceeds that the issuing firm receives(and increasing the effective cost to thefirm).

D. Dealer paper is named as such when a firm is acting as the dealer by issuing commercial paper directly to investors.

E. Direct paper allows a firm to save issuing costs by selling its commercial paper directly to dealers.