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In this video, Seth provides a quick overview of promissory notes, which are lending instruments used for centuries. A promissory note is a simple document outlining the terms and conditions between a borrower and a lender, detailing the amount owed and any applicable interest payments. These notes can be structured in various ways, including options for balloon payments, where the borrower makes interest-only payments for a period before paying off the full balance, or straight-line amortization, which involves fixed payments throughout the loan's life without a balloon payment at the end.