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If the service is priced by the hour, then the actual monthly price is simply multiplied by the actual numbers of hours in given month, ie. there is no "monthly price" that would be the same for each month. The beauty of this is, you could actually stop the service (e.g. EC2) for weekends and non-office hours if there is no use and stop paying for it. This would then effect # of hours you are paying for it. For budgeting purposes of things that are running 24/7 it is typical to use 30 days per month (ie. 24h/day * 30day = 720h) that is typically accurate enough for monthly and yearly budgeting purposes.
The previous response is mostly correct, however AWS uses an average of 730hrs per month for estimating cost. This is listed in the AWS Pricing Calculator assumptions: https://aws.amazon.com/calculator/calculator-assumptions/#:~:text=Time%20period%3A%20The%20Calculator%20assumes,%2F%2012%20months%20in%20year).
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