this question is driving me crazy , need help , P2 ( financial liabilities )

A company borrowed $47 million on 1 December 20X4 when the market and effective interest rate was 5%. On 30 November 20X5, the company borrowed an additional $45 million when the current market and effective interest rate was 7.4%. Both financial liabilities are repayable on 30 November 20X9 and are single payment notes, whereby interest and capital are repaid on that date.

required : use fair value to account

please can anyone show me clear steps to deal with a question like this . thank you in advance