Dan and Baker are in partnership with capitals of N50,000 and N30,000 each. The partnership agreement provides that: 
(i) profits be shared in the ratio of capital 
(ii) both partners earn interest on capital at 6% p.a 
(iii) both parents pay interest on drawings at 6% p.a. 
At the end of the year, Dan drew N15,000 while baker drew N14,000 in four installments on 31/3, 30\6, 30\9 and 30\12. The net profit for the year was N48,000. N5000 is to be written off the goodwill account.

Determine the total interest on capital due to the partners?

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