Calculating Time In

=INDEX({"$5.00","$3.00","You Were Late"},MATCH(L17,{7:00am,7:05am,7:06am},1))

i have this formula in excel...this formula sanrv1f posted to help with another question (values changed) but i thought i would work with what i wanted but i get a (Value) error

so what im trying to do is base on the system time is if the person typed in

if they were early 6:45am to 7am they get Extra $5 on top of the $5 they get for being on time.

6:55am gets $5
7:00am they get $5.00 for being on time
if they type 7:01am to 7:05am they get $3.00
if they type 7:06 to 7:10am would return You Were Late
after 7:10am would return No Pay

so Ex

D4 *answers in E4 *

7am would get $5

7:03am am would get $3

7:07am would get You Were Late

7:11am Would get No Pay

if they were on time 5 times (ie 5days in a row) they would get a bonus of $20 i tried factoring this in could not do it :/