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In this video, Seth provides an overview of promissory notes, which are lending instruments detailing the terms between borrowers and lenders. A promissory note specifies the amount owed and any interest involved. It can be structured in various ways, including options for balloon payments—where initial payments are interest-only followed by a lump sum payment of the remaining balance—or straight-line amortization, which entails fixed payments throughout the loan's duration without a balloon payment.