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I'm new to SF, really need help figuring out how to reference "in between date" to create Formula Field.

 

I'm in commercial real estate, we get paid commissions  in 2 or 3 payments. I am trying to forecast incoming commission for the next 18 month. I could not figure out a solution on the report level, so one way to do it is by creating Formula Fields for Month 1, Month 2, Month 3 etc. 

 

I am getting this Error for the below Formula Field” Incorrect number of parameters for function 'IF()'. Expected 3, received 4

 

This is the Commission Projections for "Month 4"

 

IF(Date_1st_Payment_Expected__c<=TODAY()+120,Date_1st_Payment_Expected__c>=TODAY()+90,Outstanding_1st_Payment__c,0)+IF(Date_2nd_Payment_Expected__c<=TODAY()+120,Date_2nd_Payment_Expected__c>=TODAY()+90,Outstanding_2nd_Payment__c,0)+IF(Date_3rd_Payment_Expected__c<=TODAY()+120,Date_3rd_Payment_Expected__c>=TODAY()+90,Outstanding_3rd_Payment__c,0)

 

Appreciate anyone's help on this! :)
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