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In this tutorial, Scott from SimpleForms to Ark explains how to create a promissory note. He starts by guiding users to select the form under financial forms from a dropdown menu. Upon first use, users will encounter a prompt to specify state-specific requirements, which can be updated later. The form is customizable; users can include features like a payment schedule and interest details. Scott demonstrates filling in the lender's information and making adjustments as needed. After completing the form, users can edit their promissory note and finalize the document by adding it to their account. Notes can also be added for additional commentary.