SAN FRANCISCO June 10, 2008- With satellite navigation support and faster Internet access, Apple’s new iPhone will soon be $200 cheaper; however, most of these savings seem to be erased by the higher monthly service charges.

The new 8GB version with the latest features will go on sale July 11, for $199 and a 16GB version will cost $299 as announced by the Cupertino-based company.

According to AT&T spokesperson, Michael Coe, current iPhone users who purchase a new version and sign up for a new contract with AT&T will not pay any penalties to get out of their existing contract. And any person who has purchased an iPhone from an AT&T store after May 26 can return it before Aug. Read the rest of this entry