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In this video, Seth provides a quick overview of promissory notes, explaining them as a basic lending instrument that outlines the terms between a borrower and lender. He defines a promissory note as a document that specifies a certain amount of money owed, including any interest payments. Seth discusses various structures for promissory notes, such as balloon payments, where interest-only payments are made before a lump sum repayment occurs, and straight-line amortization, which involves fixed payments throughout the loan's duration without a balloon payment at the end.