After 20 monthly payments, you've paid off the phone. After 11 monthly payments, however, you can choose to upgrade to the next iPhone instead. Each handset is unlocked and covered by AppleCare+, meaning you don't have to worry if you accidentally drop it on the floor. For Apple, it's an obvious way to keep people locked in to the iOS ecosystem, while extracting sizeable payments at a regular clip. For customers, it's an intriguing payment option -- though one you should consider carefully, given you'll be paying off each phone for almost two years.

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