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Simple question:
If I had six identical EC2 instances process data for exactly ten minutes and turn off would I be charged six hours or one hour?
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There is a 1 minute minimum charge per-instance. Per-second billing is not currently applicable to instances running Microsoft Windows or Linux distributions that have a separate hourly charge.
EC2 usage is billed in one-second increments, with a minimum of 60 seconds. Similarly, provisioned storage for Amazon Elastic Block Store (EBS) volumes will be billed per-second increments, with a 60-second minimum.
Hourly prices range from $0.011/hour to $0.27/hour and are charged in addition to the EC2 costs.
EC2 usage is calculated by either the hour or the second,depending on which AMI you're running. When reviewing your EC2 usage, consider the following: If your instance is billed by the hour, then you're billed for a minimum of one hour each time a new instance is started—that is, when it enters the running state.
Update: EC2 and EBS are now based on usage down to the second
Old answer Granularity for changes are measure down to the hour.
From the AWS pricing site http://aws.amazon.com/ec2/pricing/:
Pricing is per instance-hour consumed for each instance, from the time an instance is launched until it is terminated or stopped. Each partial instance-hour consumed will be billed as a full hour.
Unless you are calculating time to be under a threshold for a free tier, the second you use an EC2 instance you're charged for the full hour. If you go one second over the first hour, your charged for a full second hour.
One caveat: Spot Instances.
If spot instances are interrupted by AWS (not you) before reaching a full hour use, you're not charged at all. If you interrupt the spot instance, you're charge for the partial hour usage (which is a full hour rounded up as per the on-demand instances).
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