Will you explain this?

Your are the investment advisor for your aunt who would like to invest $1,000,000 with a AAA rated insurance company that will pay her a "monthly" fixed-payment annuity for the next 20-years. Calculate the "monthly" payments that she can expec to receive if the insurance company guarantees a 6 percent annual return on her investment and her first payment begins next month. The monthly annuity payment may be calculated using the PVA: PVA = Payment 1- (1+r)N 1