For a home mortgage, you are quoted an APR of $5\mathrm{.}0\%.$ This interest is compounded monthly, so what is the effective annual rate $($EAR$)?$

For a home mortgage, you are quoted an APR of $5\mathrm{.}0\%.$ This interest is compounded monthly, so what is the effective annual rate $($EAR$)?$

$64\mathrm{.}345\%$

$5\mathrm{.}0\%$

$27\mathrm{.}38\%$

$5\mathrm{.}116\%$