fair value of debt

HI,
Please would you be able to help with below:
‘a company borrowed 47milliion on 1 December 20X4 when the market and effective rate was 5%. on 30 November x5, the company borrowed an additional 45m when the current market and effective interest rate was 7.4%. both financial liabilities are repayable on 30 November x9 and are single payment notes, whereby interest and capital are repaid on that date.’
the question asks for amortised cost and fair value of both loans at 30 November and the answer is:
‘Carryig amounts at 30 Nov x5 using amortised cost:
initial loan 47 + 47×5%=49.35
new loan 45
if the two loans were carried at FV, both the initial loan and the new loan would have the same value and be carried at 45m. There would be a net profit of 2m, made up of the interest expense of 47m x 5% and the unrealised gain of 49.35m-45m = 4.35m’

Amortised cost is fine but i really cant follow what they have done with the fair values?

Thank you