Explore BrainMass

Explore BrainMass

    Word Problem : How much will each party pay?

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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?

    © BrainMass Inc. brainmass.com March 4, 2021, 6:20 pm ad1c9bdddf
    https://brainmass.com/math/basic-algebra/word-problem-each-party-pay-40802

    Solution Preview

    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.

    $2.49

    ADVERTISEMENT