How can I use excel to calculate percentage rent?

Example - I am the owner of a retail building and I lease to a deli. I have
a lease that states I receive 7% of gross annual sales up to $500,000 and 3%
of gross annual sales over $500,000.

If I have the total gross annual sales in one column, is there an equation
that I can use that will take the 7% of $500,000 and 3% of anything above
$500,000?

thank you