Question 2 The Assessment Year would be 2020/21. Notes on computation of Salaries Tax / Personal Assessment are attached. Laura and Jonathan, both are aged 35, have been married for six years. Jonathan works for a multinational company at a monthly salary of $32,000. Laura is a part-time accountant and carns $11,000 per month. They only make mandatory contributions to their MPF schemes. They have a little boy, aged 2. They presently rent an apartment in Shatin for $16,000 inclusive per month The family's other monthly expenses total at $12,000. Jonathan's employer provides excellent fringe benefits, including group life insurance equal to five times Jonathan's annual salary, group disability insurance and adequate family medical insurance. The beneficiary of Jonathan's group life insurance is Laura. Jonathan and Laura do not have any personal life insurance policy. Currently they have no will. They appreciate the importance of such estate planning tool as they have a little boy Jonathan and Laura currently have $1.200,000 cash in their bank account, they do not have any securities They plan to use a major portion of this cash for the 25% down payment for a flat of $3,500,000. Jonathan and Laura plan to invest $100,000 out of the $1,200,000 cash in Hong Kong stocks. If Jonathan and Laura purchased the flat with a 25% down payment and the mortgage would be for 25 years, how much would be the initial monthly payment if the interest rate is P-2.5% and the prime rate (P) is fixed at 5%? (6 marks)