How do C# 7.0 local functions compare to inlining the code?

Question

Consider a local function such as Calc in

void Foo()
{
    var a = 500f;
    var seed = 0.5f;
    var b = 2000 * Calc(a);

    .... more code ....

    seed = 0.7f;
    if (Calc(5000) > 5)
    {
    }

    double Calc(float f)
    {
       return Sin(f+ seed) * f;
    }
}

The local function is used normally without converting it into a delegate. How does it compare to inlining the code in both places:

1. Is it semantically different from inlining?
2. How are variables such as seed passed to the local function? I am hoping that the compiler just rewrites the function to accept additional parameters from the call site (ref float seed in this case.) But from what I’ve read I think it’s more complicated, and possibly uses captures. But there’s no clear documentation about this.
3. Are hidden classes ever generated?
4. Does silent boxing ever occur? I would hope not, but C# is a boxy language.
5. In short, are local functions expected to be slower than manually inlining the code? Is a separate call frame always set up?

I found this question: Local function vs Lambda C# 7.0 but it doesn't answer this question in all its parts.

Note that this question is about local functions in general, and not just about this particular example.