Help with if statements based on percentages

OK, so I need to get a formula where my commission percentage is based upon the amount of the sale. For instance, if I make a sale less than $50, my commission is 60%. If I make a sale between 50.01 and 100.00, my commission is 55%. 100.01-200.00 is 50%. 200.01-300.00 is 45%. 300.01 to 400.00 is 40%. 400.01-500.00 is 35%. Over 500 is 30%

I tried to do this on my own and came up with this (h7 of course being the sale amount):
=IF(H7<50.01, H7*0.6,0), IF(AND(H7>50,H7<100.01), H7*0.55,0), IF(AND(H7>100,H7<200.01), H7*0.5,0), IF(AND(H7>200,H7<300.01), H7*0.45,0), IF(AND(H7>300,H7<400.01), H7*0.4,0), IF(AND(H7>400,H7<500.01), H7*0.35,0), IF(H7>500, H7*0.3,0)

But it keeps giving me the #VALUE! error. Help?