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In this video, Seth provides an overview of promissory notes, which are lending instruments used for centuries. A promissory note is a document outlining the terms and conditions between a borrower and a lender, specifying the owed amount and any interest payments. Various structures exist for promissory notes, including balloon payment options, where borrowers make interest-only payments for a period before repaying the full balance, or straight-line amortization, which involves fixed payments over the loan's life without a balloon payment at the end. Seth aims to help viewers create a promissory note quickly if needed.