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NEW YORK (TheStreet) -- Apple (AAPL) - Get Apple Inc. Report announced it's released a new line of more affordable iMacs, which starts at $1,099, as the company continues to cut prices on its computers, after having done so with its latest MacBook Air update.

The latest iMacs start at prices much lower than the previous entry-level iMac, which started at $1,299. These personal computers are available to be purchased on the Apple Store starting immediately.

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In Apple's fiscal second-quarter, it sold 4.1 million Macs, as it generated $5.5 billion in revenue from computer sales during the quarter.

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The latest iMac has a 21.5-inch screen which is identical to the size of the level-up iMac. The new iMac features a 1.4 GHz dual-core Intel (INTC) - Get Intel Corporation Report Core i5 processor with Turbo Boost Speeds up to 2.7 GHz, Intel HD 5000 graphics, 8GB of memory and a 500GB hard drive. All iMac models include next generation 802.11ac Wi-Fi, and two Thunderbolt ports and four USB 3.0 ports.

In addition, iLife and iWork come free with every new Mac, following up on a move Apple had made last year to boost sales of the software.

Shares of Apple were slightly higher in pre-market trading, gaining 0.46% to $92.50 following the announcement.

--Written by Kathryn Mykleseth in New York