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Which one of the following statements is correct? 1.The EAR, rather than the APR, should be used to compare both investment and loan options. 2.The

Which one of the following statements is correct?

1.The EAR, rather than the APR, should be used to compare both investment and loan options.

2.The APR is equal to the EAR for a loan that charges interest monthly.

3.The EAR is always greater than the APR. The APR on a monthly loan is equal to (1 + monthly interest rate)12- 1.

4.The APR is the best measure of the actual rate you are paying on a loan

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