Will this workregarding iPhone and ATT ETF?

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I want an iPhone. I'm currently in a 2 year contract with T-Mobile.
Is it possible to sign up to ATT, buy the iPhone for $199 with 2 year contract. Wait 30 Days, cancel my ATT contract, unlock the iPhone, and use my T-Mobile sim card?
 
You'll be charged a cancellation fee of at least $175 and possibly the $300 difference between contract and non-contract iPhone.
 
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