M plans to purchase an apartment at HKD 4,200,000 and asks for a 60% mortgage loan from a bank. He is a Hong Kong Permanent Resident, who does not own any other residential property in HK at the moment and acts on his own behalf in the transaction. How much cash should he at least prepare to close the deal? Show the detailed calculations and make your own assumptions when needed. For the stamp duty rates, please refer to the following table. (7 Marks) Stamp Duty Rates Amount or Value of Consideration Duty Payable $1 - $2,000,000 $100 $2,000,001 - $2,351,760 $100 + [(consideration - $2,000,000) x 10%] $2,351,761 - $3,000,000 Consideration x 1.5% $3,000,001 - $3,290,320 $45,000 + [(consideration - $3,000,000) x 10%] $3,290,321 - $4,000,000 Consideration x 2.25% $4,000,001 - $4,428,570 $90,000 + [(consideration - $4,000,000) x 10%] $4,428,571 - $6,000,000 Consideration x 3% $6,000,001 - $6,720,000 $180,000 + [(consideration - $6,000,000) x 10%] $6,720,001 - $20,000,000 Consideration x 3.75% $20,000,001 - $21,739,120 $750,000 + [(consideration - $20,000,000) x 10%] $21,739,121 and above Consideration x 4.25%