Question: 1. Baby boomers can save up to $22,000 per year in a 401(k) account. If Eileen's starting balance at age 50 is $200,000 and she saves the full amount available to her, how much money will she have saved when she is 65 years old (after 15 years of saving)? The interest rate is 7% per year.
2. On a $200,000, 30-year fixed mortgage, the monthly payment will be approximately how much when the nominal interest rate on the mortgage is 4.2%?