Buying an i5 (charges)

[felix420]

okay so I went to get the iPhone 5 last week from a t mobile shop in Florida and the down payment said $150 if you have "perfect credit" and im only 16 so my grandma has to sign the "no-contract" papers and well she had "good credit" so the down payment is now $300 and something plus other charges came out to be $412 up front and I didn't have enough money for the Down payment untill now keep in mind my dad is paying for my $70 a month unlimited talk, text, and Web, so they said that my dad will continue paying that but my grandma is obligated to pay the phone off.. now the guy said since im paying a higher down payment of $300 that I only have to pay $12 a month in stead of $20 a month for 24 months, now I plan to pay it off in full by next week, a total of $650 now my question is since im paying $412 up front. will I owe $238 or will it be more since it was (other charges) that increased the price so much ?

 

[Mr Kram]

i'm not sure. you have to read the contract. sometimes that interest is calculated up front and figured into the monthly payments. sometimes if you pay it off early, you can save a little money on the interest.

 

[iDuel]

i'm not sure. you have to read the contract. sometimes that interest is calculated up front and figured into the monthly payments. sometimes if you pay it off early, you can save a little money on the interest.

It is considered a no interest loan. All he is paying for is the $650 for the iPhone.

 

[Mr Kram]

Interesting. So is there a tmobile contract plan that subsidizes the cost?

 

[predation]

Interesting. So is there a tmobile contract plan that subsidizes the cost?

mr. kram from 6speed! lol

there is no interest on the EIP plan.
basically what you pay is the down payment (+ the tax on the full retail price-CA), and then the balance is split up into 24 months.

there are tmobile plans that subsidize the cost but those are "classic plans" and are not offered through tmobile directly. only through 3rd party channels ie bestbuy, target etc....

 

[Mr Kram]

Yup. That's me. Thanks for the info. Was just curious.

 

[felix420]

Thanks guys, i already got the phone as of friday i paid it in full it came out to be $734 total and $72 a month for the plan.. Its a 16 gb black t-mobile iphone 5

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And they i dont think they unlocked it-.-