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Default How do I calculate total pay from pay rate times hours and minutes

Instead of using, say, 7.5 for 7 and 1/2 hours, how do I calculate total pay
for 7:30 times, say, an hourly pay rate of $8.25 an hour? Multiplying 7.5
times $8.25 equals $61.87. How do I do the same calculation using 7:30 (i.e.
hh:mm) instead of 7.5 for 7 and 1/2 hours? Is there a special format for the
result (total pay) cell that will yield the correct answer of $61.87?
 
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