Today is basic math day at CrunchGear where we discovered that if 160 bytes of SMS data costs twenty cents then 1MB (1,048,576 bytes) of data would cost 131,072 cents, or $1,310.72.

Check out the prices for a text message plan on AT&T, the exclusive carrier of the iPhone 3G in the United States. AT&T wants twenty cents ($0.20) per text message if you don’t sign up for a plan. A text message is nothing more than 160 bytes of data. The max is 160 characters, and one character equals one byte of data. Great.

In other words, if AT&T charged data downloads at the rate they charge text messages downloading 1MB of data would cost you $1,310.72.

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