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In this video, Seth provides a brief overview of promissory notes, which are lending instruments that outline the terms between a borrower and a lender. A promissory note details the amount owed by the borrower and any interest payments. These notes can be structured in various ways, including balloon payments—where the borrower makes interest-only payments for a period before paying off the entire balance—and straight line amortization, which involves fixed payments throughout the loan's duration without a balloon payment at the end. Seth encourages viewers to learn how to quickly draft these documents if needed.
