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In this video, Seth provides an overview of promissory notes, a longstanding lending instrument. A promissory note is a document outlining the terms between a borrower and lender, indicating the owed amount and any interest payments. There are various structures for promissory notes, including options for balloon payments—where initial payments are interest-only, followed by a complete balance payment at the end—and straight line amortization, which features fixed payments throughout the loan's duration without a balloon payment. Seth explains how to quickly create a promissory note if needed.