Question 1193719
### 1.1 Maturity Value of the Note

The **maturity value** of the note is the amount payable at the end of the term of the loan. For a promissory note, this is simply the face value, as the simple discount applies at the start or upon sale, not to the maturity value itself.

\[
\text{Maturity Value} = 1500 \, (\text{face value of the note})
\]

### 1.2 Present Value on the Date of the Sale

The **present value** of a note under a simple discount is calculated using the formula:

\[
PV = M \times (1 - d \times t)
\]

Where:
- \( M \) = Maturity value = \( 1500 \)
- \( d \) = Discount rate = \( 16\% = 0.16 \)
- \( t \) = Time remaining to maturity in years (from 1 July 2021 to 1 October 2021) = \( \frac{3}{12} = 0.25 \)

Substitute the values:

\[
PV = 1500 \times (1 - 0.16 \times 0.25)
\]

\[
PV = 1500 \times (1 - 0.04)
\]

\[
PV = 1500 \times 0.96
\]

\[
PV = 1440
\]

### Summary
1. **Maturity Value**: \( 1500 \)
2. **Present Value on 1 July 2021**: \( 1440 \)