Assignment:
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?
Provide complete and step by step solution for the question and show calculations and use formulas.