T-Mobile iPhone 5 Contract Question?

Darksaiyan9000

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Well the iPhone 5 is now finally with T-Mobile and I'm getting a summer job and i don't have a phone and every bit of tech (Except my computer) I ether paid for or somehow managed to get somehow and i know at least one of you (Maybe) asked your parents for an iPhone and they say not until you can actually pay for but anyway
So the T-Mobile plan says its no contract also that the phone is down paid for $99 with 24 monthly payment or you can pay $580 at check out, well can someone explain how that works thanks
 
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