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Word Problem : How much will each party pay?

The Gooch family, the McCoy family, a bachelor and a couple without children have decided to buy a summer home together. They will divide the purchase price according to the size of each family. The house costs $264,000. The smaller of the two families- the McCoys - have 2 children and will carry one third of the cost. The larger - the Gooch family- will pay three times the amount of the bachelor's share and twice the amount the couple will pay. How much will each party have to pay, and what equity in the house are they buying for their money?

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Since the McCoys are buying one-third, that means they're buying 1/3 of $264,000 = $88,000

That leaves $264,000 - $88,000 = $176,000 to be split between the other three investors.

The Gooch family's share is 3 times that of the bachelor's share. ...

Solution Summary

Algebra is used to determine who pays what amount for a house. The solution is detailed and well presented. The response received a rating of "5" from the student who originally posted the question.