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In this video, Seth provides a quick overview of promissory notes, which are lending instruments used for centuries. A promissory note is a document outlining the terms between a borrower and a lender, specifying the amount owed and any interest payments. These notes can be structured in various ways, including balloon payments, where interest-only payments are made for a period before paying off the entire balance, or straight-line amortization, which entails fixed payments throughout the loan's duration without a balloon payment at the end. Seth emphasizes the flexibility in setting up promissory notes to meet different needs.
