Multiple IF statements - Returns only first value in formula

Hello.

I'm trying to make the following work to return the correct value based on a given row of data, but I only get items that satisfy for the "$700" value to return. All other rows return "No". Any Ideas?

=IF([Development Type]="New",IF([Course Credits]="1",IF(NumberUGModalities="1","$700",
IF([Development Type]="New",IF([Course Credits]="1",IF(NumberUGModalities="2","$900",
IF([Development Type]="New",IF([Course Credits]="2",IF(NumberUGModalities="1","$1000",
IF([Development Type]="New",IF([Course Credits]="2",IF(NumberUGModalities="2","$1200",
IF([Development Type]="New",IF([Course Credits]="3",IF(NumberUGModalities="1","$1300",
IF([Development Type]="New",IF([Course Credits]="3",IF(NumberUGModalities="2","$1500",
IF([Development Type]="New",IF([Course Credits]="4",IF(NumberUGModalities="1","$1600",
IF([Development Type]="New",IF([Course Credits]="4",IF(NumberUGModalities="2","$1800","0"
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