Having maxed out one credit card, the consumer is tempted by an offer of a second credit card (from another bank) at 24% APR with a $7500 limit. A service may pay off all the loans – say $25,000 worth...

Having maxed out one credit card, the consumer is tempted by an offer of a second credit card (from
another bank) at 24% APR with a $7500 limit.
A service may pay off all the loans – say $25,000 worth so that the consumer now only has one debt to pay – the one to the consolidation service. The difference is that they may now only pay 12% APR (1% a month) so that instead of paying $500 a month (2% of $25,000) to simply pay the interest, they will be able to pay off the loan.

a. How many months will it take to pay off the $25,000 loan at $500 per month at 12% APR compounded

monthly?
b. When the loan is paid off, how much interest has gone to the Debt Consolidation Service?