On January $1,$ YR$01,$ Toyota Co$.$ issued a two$-$year $$1,000$ note payable. The note bears interest of $7\%$ paid yearlyeach December $31$st$.$ In addition, the principal amount will be paid back in two installments as follows: $$400$ will be paidback with the interest payment on December $31,$ YR$01$ and $$600$ will be paid back with the interest payment on December$31,$ YR$02.$ At the date the note was issued, the market rate for similar notes payable was $6\%.$What is the present value of the note payable at the issue date of January $1,$ YR$01($assume an annual discounting periodand round your final answer to the nearest penny$)?$