A formula to multiply hour and minutes to each rate?

Let's say for example I have a work overtime of 1 hour and 15 minutes (1:15). For each overtime hour, the rate is $66.56, and for each overtime minute, the rate is $1.10 (The price is bit high because I'm using the value for my country, not the dollar rate).

In this case, the solution would be (# of hours x 66.56) + (# of minutes x 1.1) = overtime pay. Thus, (1 x 66.56) + (15 x 1.1) = 83.06 (the overtime pay that I would be receiving).

Is it possible to encode a formula in excel in this way? That if I input the hours and minutes of overtime, the specific cell would automatically solve like this?

I hope someone can help me! Thank you!