Third to the right of the decimal point
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Yes, a number in the ten thousandths place. And then in the hundred thousandths and so on. There need not be any end.
To write 0.103 as a fraction, you need to identify the place value of the decimal. The decimal number 0.103 is in the thousandths place. As a fraction, it can be written as 103/1000.
seven and thirty one thousandths= 7.031 in decimal= 7031/1000 in decimal fraction
The 4 sits in the thousandths place, so it's value is four thousandths or 0.004 (decimal) or 4/1000 (fraction).
The name of such a number is a decimal number. The digits after the decimal point represent tenths, hundredths, thousandths, and so on.