According to catalyst, the maximum supported refresh rate is 75 hz, which seems to be supported by the monitor specs page ( http://www.asus.com/Display/LCD_Monitors/VH242H/#specifications
However, I can't seem to change it to anything other than 59 or 60 through catalyst and I'm kind of nervous about forcing it.
Unfortunately, I don't have another monitor handy. Since I don't notice any screen tearing when actually playing games, I don't see how it could be the monitor's fault, though I could be wrong. Maybe I'll try throwing another windows install on and see if it has the same problem.