Jared wants to buy a phone for $560. He has a coupon for 20% off. How much money does he need to buy the phone?

The discount amount is 20% of $560, which is (20/100) * $560 = $<<20/100*560=112>>112.

So Jared needs to pay $560 - $112 = $<<560-112=448>>448 to buy the phone. Answer: \boxed{448}.