Technology | Apple Apple Plans Cheaper 'iPhone Nano' It would be $200, without contract, assuming it's actually for real By John Johnson Posted Feb 10, 2011 6:31 PM CST Copied A Verizon iPhone is shown the first day it was available at Verizon Wireless stores Thursday, Feb. 10, 2011, in Beachwood, Ohio. (AP Photo/Amy Sancetta) It's been hours since the last Apple product rumor, so here we go: The company is working on a smaller, cheaper iPhone, reports Bloomberg. This version would sell for $200—a price point that would help Apple compete better with Androids—and would not require the standard two-year service contract. The target market date for the phone, not to be confused with the expected iPhone 5 upgrade, is mid-year. Insiders say the prototype is about one-third smaller than the iPhone 4, qualifying it to be the long-rumored "iPhone Nano." Reports of that product have been floating around for years, notes the Huffington Post. Apple also is working on what's known as dual-mode phone that would enable it to work on both the AT&T and Verizon networks. Click for more. Read These Next Trump has threatened to revoke Rosie O'Donnell's citizenship. FEMA failed to answer thousands of calls after the Texas floods. Air India pilots cut off fuel to engines 30 seconds into flight. Newsom turns nickname back on Trump. Report an error