Loan origination fee: Lending institutions often charge fees for mortgages. One type of fee consists of closing costs. Closing costs often comprise a fixed fee for a confusing list of necessities...

Loan origination fee: Lending institutions often charge fees for mortgages. One type of fee consists of closing costs. Closing costs often comprise a fixed fee for a confusing list of necessities associated with the loan. Additionally, some mortgages require a loan origination fee or points, which is a fixed percentage of the mortgage. At a certain institution the closing costs are $2500 and the points are 2% of the mortgage amount.

a. What are the fees for securing a mortgage of $322,000?

b. Use a formula to express the loan fees F, in dollars, associated with a mortgage of M dollars.