Interest on closed-end consumer credit transactions entered into after June 30, 1985 shall be contracted for at an annual rate or rates and computed only on the scheduled outstanding balances of the amount financed according to the actuarial method. Interest on such transactions shall be collected only as earned on actual unpaid balances for the actual time outstanding, and the consumer shall not be entitled to any rebate of interest on prepayment in full of a closed-end consumer credit transaction.
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