# Calculating annuity payment

I have a time payment question I'm having trouble with:

"Bill would like to save 60000 dollars for a deposit on his first home. He decides to invest his net monthly salary of 3000 dollars in a bank account that pays interest at a rate of 6% per annum compounded monthly. Bill intends to withdraw $E$ dollars at the end of each month from this account for living expenses, immediately after the interest has been paid.

Calculate the value of E if Bill is to reach his goal after 4 years."