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In this video, Seth provides a quick overview of promissory notes, which are lending instruments outlining the terms between a borrower and lender. A promissory note details the amount owed and any interest payments. There are various structures for these notes, including options for balloon payments—where interest-only payments are made for a period followed by a full balance payment—or straight-line amortization, involving fixed payments throughout the loan's duration without a balloon payment at the end. Seth explains how to quickly put together a promissory note if needed.