mysql - Multiply for Hours by Rate -

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I have data stored in the database as follows. 

  hour rate 02:37: 37 8.00   
 I wrote a question like the following  
  (Hour * rate) as payment from user_hours;   
 I'm getting the result as "16" which is not right.  
 How do I get the right results?  
 Thanks, Raj  
  SELECT (SUBSTRING (hours, 1,2) + SUBSTRING (hours, 4,2) / 60+ SUBSTRING (hours, 7,2) / 3600) * Payment from user_hours as a rate;

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