How should I exercise on a stationary bicycle?

I can't go to a gym because I live too far from one, and I don't have the money or the space for an elliptical. A stationary bicycle seems to be my only hope, and even then I am not sure I have the space.

I haven't been very active for a few years. In the summer, I like to swim, though. I plan to do about an hour per day on a stationary bike.

How many calories can I burn in an hour? What level of resistance should I be on? And should I pedal as fast as I can for the hour?
 
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