Effects of using mobile augmented reality for simple interest computation in a financial mathematics course

Understanding the concept of simple interest is essential in financial mathematics because it establishes the basis to comprehend complex conceptualizations. Nevertheless, students often have problems learning about simple interest. This paper aims to introduce a prototype called "simple interest computation with mobile augmented reality" (SICMAR) and evaluate its effects on students in a financial mathematics course. The research design comprises four stages: (i) planning; (ii) hypotheses development; (iii) software development; and (iv) design of data collection instruments. The planning stage explains the problems that students confront to learn about simple interest. In the second stage, we present the twelve hypotheses tested in the study. The stage of software development discusses the logic implemented for SICMAR functionality. In the last stage, we design two surveys and two practice tests to assess students. The pre-test survey uses the attention, relevance, confidence, and satisfaction (ARCS) model to assess students' motivation in a traditional learning setting. The post-test survey assesses motivation, technology usage with the technology acceptance model (TAM), and prototype quality when students use SICMAR. Also, students solve practice exercises to assess their achievement. One hundred three undergraduates participated in both sessions of the study. The findings revealed the direct positive impact of SICMAR on students' achievement and motivation. Moreover, students expressed their interest in using the prototype because of its quality. In summary, students consider SICMAR as a valuable complementary tool to learn simple interest topics.