Excel if with nested functions possible?

I have a spreadsheet I'm trying to calculate fees and such with but instead of having 10 columns for calculating I want to condense it.

Can I input something like this in excel and get it to work? It's giving me errors right now.

=IF((u3*0.12)<1, "1", (=sumproduct(u3*0.12)+u3))

• The value in u3 is a sum of 4 other rows

• U3 is a sum of costs.

• I need 12% of the costs of u3 and if it's less than 1, I need the u3 sum + 1. If the value u3*0.12 is >1 I want the value u3+(u3*0.12) printed.

Sorry if I'm being redundant, I just want this thing to work