Multiplying "Hours" and "Dollars"

I'm trying to multiply the hours I work by the amount per hour
I make. My "hours worked" cells are formatted "7:03" hours.

When I multiply by the amount I make I get a weird decimal.

In addition when I format more than 4 cells with the above hour
format I get a decimal that is not an accurate account of my hours.

Can anyone detail a simple formula for mutilplying hours by dollars.

Thanks,
Joshua SF Bay Area

Hi,

Say A1 = 07:03 formatted as HH:MM
and B1 = $20 per hour
enter this in C1

=(A1*24)*B1

Returns $141

VBA Noob