James wants to buy a house worth $1,000,000. To do so, he takes out a mortgage loan equal to the price of the house. The mortgage has to be repaid after 15 years and make monthly payments with an APR of 10%. Given this information, answer the following

(a) 5 points. Draw the timeline that describes all cash flows (paid and received) throughout the duration of the loan. On the timeline, you must also indicate what is the last period/payment! Denote the period cash flow payment as C.

(b) 5 points. How can James calculate what is the payment C he has to make on that loan? (Write down the formula together with all information necessary to calculate the payment C. The final expression should have C on the left side and all other information on the right side of the equation).