how do I calculate discount with if function in excel

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I got this question in excel,

The discount is to be computed as follows: (1) No discount for the first $100. (2) For subtotals above $100, five percent of the amount that the subtotal exceeds $100. (3) For subtotals above $500, the afore-mentioned discount plus an additional five percent of the amount that the subtotal exceeds $500. The discount should be applied to the subtotal of all products (not the per-product total price).

The discount must be computed using a single formula that will work correctly regardless of how big the subtotal is. All decision-making about the discount, based on the size of the subtotal, must be done automatically by the formula (using the IF function), NOT by you, the human user.

My answer to it was

=IF(E12>=100,E12*5%,E12*0%)+IF(E12>500,E12*5%,E12*0%)

where E12 is subtotal

not sure if I am right?

Answer 1

1. Suppose a customer gets a 10 percent discount if he spends more than $50. ...
2. The condition in this example is D5>=50. ...
3. The value_if_true in this example is calculated by multiplying D5 by 0.1 (in other words, calculating 10 percent of it).