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Do you really want an iPhone on prepaid?

I’m wondering if this would work. PhoneNews.com last week posted a guide on how to get the iPhone 3G for $199, without a contract (emphasis on that last part). There’s some strange math there, including buying a phone on the cheap, and then selling it on eBay for a profit. However, if you’re willing to drop an extra $170, for the early termination fee, you can have the iPhone 3G for $369. At least we think that’s how it works.

Follow the logic here, and feel free to chime in where it is flawed.

You go into the Apple store, and buy your iPhone 3G for $199, and sign up for a tw-year deal. You take it home, play with it for 30 days, and then cancel your service. You can’t cancel it before that, lest you’re forced to return the iPhone 3G. And we don’t want that.

So now you’ve paid $369, and you’ve got an iPhone without a contract. And that’s still cheaper than the original iPhone was selling for.

While it’s not guaranteed to work, you could then theoretically activate it on GoPhone’s data only plan for $20 per month. Of course, AT&T would know about your tricks and would likely stop you in your tracks.

But hey, it’s worth a shot, right?