as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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double entry for mortgage
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for the purpose of personal finance, treating $500 as interest expense is sufficient.  for business accounting, it involves making the $500 a contra-liability and amortizing it as interest expense over the course of life of the loan.
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