Problem with decimal data type

I ran a migration with the following:

   create_table :userlevels do |t|
      # t.column :name, :string
      t.column :usertype, :string, :limit => 15
      t.column :userlevel, :string, :limit => 15
      t.column :price, :decimal, :precision => 7, :scale => 2

The problem is the decimal column. rake ignored the precision and scale
parameters and defined it as decimal(10,0). What's the magic words to
actually get rake to create a decimal column with decimal places? I'm
sure it's obvious, but I don't see it.

You need to be running edge rails. Decimal support isn't included in
the stable release.