I want to get XL to give me the result of the following type of calculations:

41hr 55mins (entered into a cell as 41:55:00 ?) multiplied by the rate per
hr entered in another cell as a monetary amount of say 563.50 to give the
resultant cost in a 3rd cell.

I want to be able to enter time as hrs & minutes NOT as hrs and a decimal of
an hr.