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In this video, Seth provides a brief overview of promissory notes, which are lending instruments used for centuries. A promissory note is a simple document that outlines the terms between a borrower and a lender, specifying the amount owed and any interest payments. There are various ways to structure promissory notes, 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 term without a balloon payment at the end. Seth offers insights on how to quickly create a promissory note if needed.