Flounder Corp. was experiencing cash flow problems and was unable to pay its $$117,000$ account payable to Concord Corp. when it fell due on September $30,2023.$ Concord agreed to substitute a one$-$year note for the open account. The following two options were presented to Flounder by Concord:

Option $1$: $,$ A one$-$year note for $$117,000$ due September $30,2024.$ Interest at a rate of $8\%$ would be payable at maturity.

Option $2$: $,$ A one$-$year non$-$interest$-$bearing note for $$126,360.$ The implied rate of interest is $8\%.$

Assume that Concord has a December $31$ year end.