Simple IF Statement but needing to use greater than/Less than

[cosberg]

<HR style="BACKGROUND-COLOR: #ffffff; COLOR: #ffffff" SIZE=1><!-- / icon and title --><!-- message -->I need to create a If statement to calculate a Penalty using specific terms & Rates.

If my term is Less then 12 mths (Balance x .5%),
if my term is 12 to 23 mths (Balance x 1%),
if my term is 24 - 35 mths (Balance x 2%),
if my term is 36 - 47 mths (Balance x 3%).

Balance $ 1,000.00 Term14Penalty???

We will enter the balance and the term but how do I write the if statement to look at the month ranges to calculate penalty?
<!-- / message -->

 

[njimack]

Excel Workbook
	A	B	C
1	Balance	Term	Penalty
2	1000	14	5
Sheet1

 

[markf5998]

Assuming your term is in A1 and balance is in A2, this calculates the penalty:

=IF(A1<12,A2*0.005,IF(A1<24,A2*0.01,IF(A1<35,A2*0.02,IF(A1<48,A2*0.03,"Term is 48 Mos or Greater"))))

 

[cosberg]

Thank you markf5998! Worked perfectly!!!