3 reasons Apple would make a new cheap iPhone

(MoneyWatch) The latest Apple (AAPL) rumor is of a new low-end iPhone that would look like other models but have a cheaper body. Of course, Apple has a de facto line of inexpensive iPhones; the iPhone 4 is being given away by carriers, while the 4S starts at $99. But this would be a low-cost current version rather than giving a price break on a phone that is one or two models back.