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In this video, Seth provides a brief overview of promissory notes, which are lending instruments detailing the terms between a borrower and a lender. He emphasizes that a promissory note is a straightforward document outlining the amount owed and any applicable interest payments. Seth explains that these notes can be structured in various ways, including options like balloon payments, where interest-only payments are made for a time before the full balance is due, or straight-line amortization, which entails fixed payments throughout the loan's duration without a balloon payment at the end.
