Los Angeles - Apple's newest entry-level 21.5 inch iMac costs $1,099, the California-based company announced Wednesday.

The new model is about $200 dollars than the previous one.

The computer features a 1.4 GHz dual-core Intel Core i5 processor which is about half the speed of the more expensive model. The more affordable model has 8GB of memory and a 500GB hard drive according to a press release.

The previous still-available better-configured version has about twice as much hard drive space.

The less expensive iMac is available on Apple's website. - Sapa-dpa