The Gooch family, the McCoy family, a bachelor, and a couple without children have decided to buy a summer home together. They divided the purchase price based on the sizes of their families adn how much time they would be spending in the house.
The summer house costs $264,000. The smaller of the two families - the McCoys - have two children and will carry one third of the cost. The oarger of the two - 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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