Pls include explanation especially for the new financer part.

3. Four years ago you borrowed S100million to buy a ship. The loan was to be repaid in equal annual instalments at 8% annual interest over 10 years. Having found a new financier who is willing to lend the money at 6%, you decide to pay off the original debt with a sum borrowed from the new financier. How much do you need to pay off the original debt, assuming that there is no penalty in early settlement