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In this video, Seth provides a quick overview of promissory notes, a traditional lending instrument. A promissory note is a simple document outlining the terms between a borrower and a lender, specifying the amount owed and any interest payments. Various structures can be established, including balloon payments, where the borrower makes interest-only payments for a period before paying off the total balance, or straight-line amortization, which involves fixed payments throughout the loan's duration without a balloon payment at the end.
