Hi Josh!
This is very easy to do. When you reference a duration field in a formula, Airtable provides the value in number of seconds. Then you need to divide by 3600 to get hours. So if the pay column is called “Pay” and the duration column is called “Duration”, the formula in a new column “Rate per hour” would be:
Pay/(Duration/3600)
P.S. you can format a formula to show currency by going into the “Formatting” tab in “Customize Field Type”