Multiply hours:minutes by cost/hour to get total cost?

How does one do a simple function to multiply a time (in hours:minutes i.e.
[hh]:mm) by a cost per hour (i.e. $60/hour).

If I have the time in one column, and the rate per hour in another column, I
need the total to be the total cost (i.e. 10:50 times $60 = sum??? should
equal $650.00 but I can't get the formula to work).

=A1*B1*24
Times in Excel are stored as fractions of a day. Multiplying by 24 gives you the # of hours

--
Kind regards,

Niek Otten

"Rachael" <[email protected]> wrote in message news:[email protected]...
| How does one do a simple function to multiply a time (in hours:minutes i.e.
| [hh]:mm) by a cost per hour (i.e. $60/hour).
|
| If I have the time in one column, and the rate per hour in another column, I
| need the total to be the total cost (i.e. 10:50 times $60 = sum??? should
| equal $650.00 but I can't get the formula to work).

I'm not sure that is what I mean. I don't need hours. I need the total fee.

For example, I am trying to find out an amount to put on an invoice. If I
did work for a client for 10 hours and 50 minutes, at $60 per hour, I need a
formula to calculate how much to charge. The time format cannot change (has
to be 10:50), as that is a constant. I don't know what formula to put for
$60/hour or how to multiply that.

"Niek Otten" wrote:

> =A1*B1*24
> Times in Excel are stored as fractions of a day. Multiplying by 24 gives you the # of hours
>
> --
> Kind regards,
>
> Niek Otten
>
> "Rachael" <[email protected]> wrote in message news:[email protected]...
> | How does one do a simple function to multiply a time (in hours:minutes i.e.
> | [hh]:mm) by a cost per hour (i.e. $60/hour).
> |
> | If I have the time in one column, and the rate per hour in another column, I
> | need the total to be the total cost (i.e. 10:50 times $60 = sum??? should
> | equal $650.00 but I can't get the formula to work).
>
>
>

Time in A1, rate in B1, =A1*B1*24. Excel will format this as time automatically, but that's a bad habit of Excel. Format as
General or Number. Your example showed 650, just what you wanted.

--
Kind regards,

Niek Otten


"Rachael" <[email protected]> wrote in message news:[email protected]...
| I'm not sure that is what I mean. I don't need hours. I need the total fee.
|
| For example, I am trying to find out an amount to put on an invoice. If I
| did work for a client for 10 hours and 50 minutes, at $60 per hour, I need a
| formula to calculate how much to charge. The time format cannot change (has
| to be 10:50), as that is a constant. I don't know what formula to put for
| $60/hour or how to multiply that.
|
| "Niek Otten" wrote:
|
| > =A1*B1*24
| > Times in Excel are stored as fractions of a day. Multiplying by 24 gives you the # of hours
| >
| > --
| > Kind regards,
| >
| > Niek Otten
| >
| > "Rachael" <[email protected]> wrote in message news:[email protected]...
| > | How does one do a simple function to multiply a time (in hours:minutes i.e.
| > | [hh]:mm) by a cost per hour (i.e. $60/hour).
| > |
| > | If I have the time in one column, and the rate per hour in another column, I
| > | need the total to be the total cost (i.e. 10:50 times $60 = sum??? should
| > | equal $650.00 but I can't get the formula to work).
| >
| >
| >

Wait, I just figured it out. I don't understand why it works but it does.
Thanks!



"Niek Otten" wrote:

> =A1*B1*24
> Times in Excel are stored as fractions of a day. Multiplying by 24 gives you the # of hours
>
> --
> Kind regards,
>
> Niek Otten
>
> "Rachael" <[email protected]> wrote in message news:[email protected]...
> | How does one do a simple function to multiply a time (in hours:minutes i.e.
> | [hh]:mm) by a cost per hour (i.e. $60/hour).
> |
> | If I have the time in one column, and the rate per hour in another column, I
> | need the total to be the total cost (i.e. 10:50 times $60 = sum??? should
> | equal $650.00 but I can't get the formula to work).
>
>
>