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In this video, Seth provides a quick overview of promissory notes, which are lending instruments that outline the terms and conditions between a borrower and a lender. The document indicates the amount owed by the borrower and details any interest payments. Seth explains that promissory notes can be structured in various ways, including balloon payments, where the borrower makes interest-only payments for a period before repaying the total balance, and straight-line amortization, which involves fixed payments throughout the loan's duration without a balloon payment at the end.
