A joule is not a very big unit.
Convert the speeds: (95 mi/h)(1.61 km/mi)(1000 m/km)/(3600 s/h) = 42.5 m/s; similarly 120 mi/h = 53.7 m/s.
We choose the coordinate system shown (see diagram), with y=0 being the release point. Since the tension does no work (it is always perpendicular to the displacement), only conservative forces (gravity) act, and we can apply conservation of mechanical energy.