Microwave timer runs fast 1 minute goes by in 5seconds

as you stated...microwave counts down in seconds.
300 seconds is 5 minutes 180 is 3 minutes.

Sounds like the microwave thinks it is running at 50Hz. They sense this automatically. most of the time a reboot will fix it. worst case, replace the control board.

The keypad control board will need to be replaced, bare in mind the cost for the part will exceed the price of a new microwave oven in some cases.

I have a Maytag that did the same thing. I unplugged it for about 2 minutes, plugged it back in and it is working fine.

Magnetron and diode most likely. Need more info.

try unplugging it for about 15 minutes. if that doesnt work, you might as well get a new one. i fix everything myself for just the cost of parts and i have found that what parts cost for a microwaves, its cheaper just to buy a new one.

No... you are not in a microwave induced time warp...
Your microwave oven needs a "reboot". The same thing happened to me.
Unplug your microwave oven, wait about a minute (more or less), plug it back in. Try setting/running your kitchen timer, boil water, etc. Your timer software on the microwave should be reset.

The first thing I would suggest is a hard reset. Unplug the unit for a minute or so. Then plug it back in, set the clock and try again.

If you still have trouble, since it's less than one year old, it should be fully covered under warranty. I'd suggest contacting the manufacturer to get it fixed free.

You can find your nearest Maytag-authorized servicer here.

We're happy to help you with free advice and we'd appreciate your thoughtful rating of our answer.

Pressing "timer/clock" button 4 times turns on and off demo mode.

The surge probably didn't cause this. This common error indicates a problem in the convection damper circuit. It may be a defective damper switch, damper motor, or a jammed damper door. I have attached a drawing of a typical damper system. If you or a friend decide to work on it, we have *critical* safety, disassembly, and troubleshooting info at our site, which is linked at our listing here on FixYa: http://tinyurl.com/yzjozk You can order parts for Sharp models from Tritronics at http://www.wehaveparts.com.