The diagram below is of 3 circles have 3 centres A, B and C and they are collinear.
The equations of the circumferences of the outer circles are
${(x + 12)^2 + (y + 15)^2 = 25}$
and
${(x - 24)^2 + (y - 12)^2 = 100}$
The question is to find the equation of the centre circle.
I can tell the centres of the 2 circles are (-12, -15) and (24, 12)
Using the distance formula I can tell that the distance between AC is 45 and therefore the radius is 15 by subtracting the other 2 radii.
I am not sure how to get the coordinates of the centre circle. It is not the midpoint.
The gradient is ${3\over 4}$. Should I use this to somehow use the ratio to find the centre of the centre circle?

Here is a simple geometric method to find the coordinates of $B$ using similar right triangles (some of the other answers use this but do not explain that they are doing so and skip some steps).
So we know that point $A$ is at $(-12, -15)$ and point $C$ is at $(24,12)$. Also observe that the radius of circle $A$ is $5$ and the radius of circle $C$ is $10$. As you said, the distance is $45$, and so the diameter of circle $B$ must be $30$ (yielding the more important radius of $15$). We then imagine a right triangle with hypotenuse $\overline{AB}$ and a horizontal leg parallel with the $x$-axis (the other leg is obviously parallel with the $y$-axis). We then notice that the two triangles are similar. We thus conclude that $${\;\;\overline{AB}\;\; \above 1pt \;\;\overline{AC}\;\;} = {\;\;\overline{AB}_x\;\; \above 1pt \;\;\overline{AC}_x\;\;} \qquad \text{and} \qquad {\;\;\overline{AB}\;\; \above 1pt \;\;\overline{AC}\;\;} = {\;\;\overline{AB}_y\;\; \above 1pt \;\;\overline{AC}_y\;\;}$$ We can see that $\overline{AB} = 20$, $\overline{AC} = 45$, and $\overline{AC}_x = 36$ from our calculations above, and a little arithmetic yields $\color{red}{\overline{AB}_x = 16}$. Using $\overline{AC}_y = 27$, we then find that $\color{red}{\overline{AB}_y = 12}$.
We get $B_x$ by taking $A_x + \overline{AB}_x = -12 + 6 = \color{red}{4 = B_x}$
We get $B_y$ by taking $A_y + \overline{AB}_y = -15 + 12 = \color{red}{-3 = B_y}$.
Thus, we get our answer by using the coordinates of the center and the radius, yielding
$$\color{red}{(y+3)^2 + (x-4)^2 = 15^2}$$
Here's a picture I threw together in paint to clarify (hopefully... not the greatest drawing!)
