IFRS 13 FV measurement, please advise me how can I apply new IFRS 13 to IFRS 9 FI and Revenue Recogn

I have read a lot of relevant articles about IFRS 13, but have no idea how to answer the following two part of the quesitons!
part a of the question is’
Why was the fair value option initially introduced for financial instrument and whey has it caused such concern?'(4 marks)

part d
A company borrowed 47million on 1 December 2010 when the market effective interest rate was 5%. on 30 Novembe 2011, the cimpany borrowed an additional 45 million when the current market and effective interest rate was 7.4%, both financial liablilities are repayable on 30 November 2015 and are single payment notes, whereby interest and capital repaind on that date.

discuss the accounting for the above finiancial liabiliites uner current accounting standars using amrtised cost and additionally using fair value as at 30 Novermber 2011 (8 marks)

could you please help me and give me some idea how to answer this types of questions!

Thank you very much
Regards
Annie