Apple has introduced a new cheaper, less-powerful entry-level iMac today.

The 21.5-inch machine sports a 1.4GHz (turbo boost up to 2.7GHZ) dual-core Intel Core i5 processor, and at $1,099 it costs $200 less than the 2.7GHZ model above it.

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New iMac

Additionally, this base model only has a 500GB hard drive, compared to the 1TB of its cheaper predecessor.

Meanwhile, the Cupertino company also dropped the price for its Apple TV set-top box, which now costs €99 (down from €109) in Europe and £79 (down from £99) in the UK.

iMac | Apple Store