Peter wants to save $500,000 to buy a sport car. He plans to make a deposit of $8,000 each month to achieve this goal. ABC Bank offers a deposit rate of 0.5% per month while DEF Bank offers a deposit rate of 6% with quarterly compounding.

Which bank should Peter choose? Briefly explain your answer with appropriate calculation. After making the deposit into the chosen bank, how long does Peter have to wait to achieve his goal if he starts making his first deposittoday?