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Apple's new 'Trade Up With Installments' program makes it easier to get a new iPhone

Apple is building on the success of its iPhone upgrade initiative with a new offering that will let anyone trade in an older iPhone, Android device, or Windows Phone handset for a new iPhone and spread the cost over two years.

Under the terms of the new promotion, consumers can bring any eligible handset —which includes the iPhone 4, 5, 5c, 5s, 6, and 6 Plus —to a local Apple Store and walk out with a new iPhone without paying the new phone's cost up front or signing a wireless contract. The balance can now be divided equally over 24 monthly payments, as noted by USA Today.

If one were to trade a mint condition iPhone 4 for a 128-gigabyte iPhone 6s Plus, for example, it would cost $35.37 per month. That comes to just under $850, or about $100 off the full retail price.

The lowest possible payment —swapping an iPhone 6 for an iPhone 6s —is $14.58 per month.

Unlike Apple's iPhone Upgrade Program, which amounts to 24-month interest-free financing of a new iPhone, Trade Up With Installments does not appear to include AppleCare+ coverage. That would have to be purchased separately.

The new offering also differs in another important way: it requires any iPhone purchased under the plan to be paid off before it can be traded in again. The iPhone Upgrade Program allows buyers to swap their phone for a new one each year.

Apple's Trade Up With Installments program is available at Apple retail stores around the U.S. starting today.