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In this video tutorial, Scott from Simple Forms to Ark explains how to clear a promissory note. Users can access the form through the financial forms dropdown menu. Upon first access, users are prompted to select their state, which can be changed later. The form is user-friendly and allows for flexibility, enabling users to attach a payment schedule or add interest amounts. Scott demonstrates filling in the necessary lender information and creating the agreement. Any modifications can be made by clicking "Edit my promissory note," and once satisfied, users can add the agreement to their account, including any additional notes.