I thought Monkey Audio was APE, not WAV? Why use that anyway, since WAV is just the computer file version of the raw PCM data, and what EAC natively rips too? You do not have to type in directory names. If you look under "EAC Options" and click on the filename tab, you can specify a format for how EAC saves the ripped file. For example, I use:
%A\%C\%N-%T
This tells EAC to create and artist (%A) directory, unless one exists, a subdirectory for the album title (%C) and song names of the format Track Number (%N)-Track Name (%T).
For the best rips, use "secure mode."