Auto inserting a formula when using Data Validation list

Hi,
I am hoping someone can help.

I am working on a spreadsheet where I would like to be able to make a selection from a drop down list and auto insert a formula relating to the selection made.

Working on the example attached I would like to be able make a selection from the drop down list under "TYPE", which will auto fill "RATE" and auto insert a formula into the "COST" boxes (Data on RATES tab).
Depending on the selection under "TYPE" would depend on the formula inserted under "COST".

Formula to be inserted:
For selections 1M, 2M and OUT I would like to formula to be RATE ÷ 60 x TIME.
For selections COOK and MAT I would like the formula to be RATE x TIME.

I would like the formula row to auto change to the row that it is being inserted on, so it is unique to the figure put in TIME on that row.

Currently I have it inserting the formula as text not a formula and cannot get it to change to suit the row it is on.

I hope that makes sense and what I am asking is possible.

Thanks

Thank you for the reply AliGW

It has worked nicely.

One further question though, if you don't mind,

I am going to keep expanding the drop down table,
Is it possible to attach the formula to the drop down menu table at all?
Just so I don't have to keep updating the formula with the new table inputs.

Thank you

Thank you Both,

Sorry I wasn't very clear in my last reply.
I managed to drag the formula down ok.

My problem is I want to keep adding parts to the RATES tab for my drop down list, e.g SPEC which would also need the formula =I4*K4.
So I know I can add ,H4="SPEC" to the formula e.g =IF(OR(H4="COOK",H4="MAT",H4="SPEC"),I4*K4,I4/60*K4)

But over time this formula would keep growing, so I was wondering if there was a neater method?

Hope that makes sense.


Regarding the format, my apologies I am new to all this and didn't know the difference.

Thank you and have a great weekend.