Tanya works part-time as a receptionist earning $25,000 p.a. and is a full time student.She lives at home with her parents.She is planning on moving out in three years and would like to purchase her first condo in Thunder Bay.The condo she would like currently costs $250,000. She would like to obtain a conventional mortgage (20%).She can earn 4% p.a. on her investments.She has $25,000 in a TFSA invested in an index fund; $22,000 in an RRSP invested in common stocks and $6,000 in a non-registered investment account which holds GICs.Although she has been able to save up all these funds she has a bad shopping habit.She maxed out her two credit cards and pays $150/month towards one credit card (balance of $2,000 outstanding) which charges a rate of 12.50% and $75/month towards the other one (balance of $1,200 outstanding) which charges a rate of 21%. Inflation is 2%.

Required:

a)Based on her current payment schedule how long will it take Tanya to pay off both credit cards in full?

b)How much interest will she end up paying in total on both cards?

Provide Tanya with two personal finance recommendations.Provide an explanation for each and include calculations if applicable