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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 that outlines the terms and conditions between a borrower and a lender, specifying the amount owed and any applicable interest payments. There are various ways to structure promissory notes, including options for balloon payments, where interest-only payments are made initially, followed by a lump-sum payment of the remaining balance. Alternatively, a straight-line amortization can be arranged, featuring fixed payments throughout the loan's duration without a balloon payment at the end.
