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In this video tutorial, Scott from Simple Forms to Ark demonstrates how to clear a promissory note. Users can access the form under financial forms or via a dropdown menu. Initially, a prompt will ask for state specifications, which can be changed at any time. The form is customizable, allowing the user to attach a payment schedule or add interest by clicking "yes," then entering the relevant details. Scott fills out an example promissory note, showing the flexibility of the tool. After completing the form, users can edit their note and add it to their account or include additional notes as needed.