Question: A borrower signs a note for a discounted loan and agrees to pay the lender $1000 in 22 months at a 5.5% rate of

A borrower signs a note for a discounted loan and agrees to

A borrower signs a note for a discounted loan and agrees to pay the lender $1000 in 22 months at a 5.5% rate of interest. How much does the borrower receive?

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