Apple Inc. has introduced a new, cheaper iPhone model that navigates the internet more quickly, as well as a range of new applications and services, the New York Times reports. Apple Chief Executive Steve Jobs said the new iPhone 3G, to be available in the United States through AT&T beginning on July 11, will sell for $199 for the 8-gigabyte model and $299 for a 16-gigabyte model. He said the biggest barrier to people buying the phone had been price. Analysts and industry executives said they believed the lower prices would bring in new consumers who had been put off by its $399 price. "The price is clearly correct," said Mike McGuire, a research vice president at market research firm Gartner Inc. As widely anticipated, the phone will run on so-called 3G wireless networks that allow much faster internet connections than the original iPhone. Sleeker than the original, the new iPhone also will have built-in Global Positioning System capability to allow location-based services, and it will have a longer battery life in some cases–five hours for talking on the 3G network and 24 hours for playing music on the phone…

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