After living in a university residence for one year, Alysha decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $930 per month. Rent for the first and last month must be paid up front. How much money would Alysha need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 4.5 percent interest, compounded monthly. (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.)

My question is why we divided the IY by 12 knowing that its compounded monthly and the pmt is monthly? I am confused when to divided the IY and when we don't

sometime the interest is divided by 12 if compounded monthly and sometime we do the "m= 12" thing

please explain