By I-Hsien Sherwood (i.sherwood@latinospost.com) | First Posted: Apr 12, 2013 10:31 AM EDT

The iPhone 5 is finally available from T-Mobile today. Apple's flagship phone costs $99 upfront and $20 per month for 24 months.

T-Mobile's new no-contract calling plans also reconfigured phone pricing for customers. Now all phones cost $99 down, with monthly charges dependent on the total price of the phone. Customers can also pay off the phone early; as soon as the balance is paid, T-Mobile will unlock it and they're free to head to another carrier if they want.

Customers who want to make the switch to T-Mobile but already have an older iPhone from another carrier can trade in their Phone 4 or 4S to drop the initial cost of their iPhone 5 to $0. Equipment in good condition can also qualify for a reduction in the monthly payments.

This is the first time T-Mobile customers have ever had access to any version of the iPhone, and it's sure to be a popular choice, even though the iPhone 5 came out last year.

Expect a selling frenzy over the next week, but it should die down a bit after that. The HTC One debuts in a week, and T-Mobile has dropped the monthly payments down to $18. By the end of the month, the Samsung Galaxy S4 will be available, and shortly after that, Apple should be unveiling the next iteration of the iPhone, which is sure to have impressive specs and new features designed to compete against an onslaught of high-end rivals.

The Apple iPhone 5 features a 1.3GHz dual-core Apple A6 plus processor, 1GB of RAM, a 4-inch 1136x640 display at 326 ppi, an 8-megapixel rear-facing camera with 1080p HD video, a 1.2-megapixel front-facing camera with 720p HD video, up to 64GB of internal storage and runs Apple's proprietary iOS 6.1.3 operating system.

Check back for the latest information on the Apple iPhone 5 as it becomes available.

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