Which one of the following statements is correct? 1) The APR is the best measure of the actual rate you are paying on a loan. 2) The EAR is always greater than the APR. 3) The APR is equal to the EAR for a loan that charges interest monthly. 4) The APR on a monthly loan is equal to (1 + monthly interest rate)12 - 1. 5) The EAR, rather than the APR, should be used to compare both investment and loan options