Advertising Question for Logo Creation

[Ruben Prieto]

How much is a reasonable price to pay for a graphic designer to create a logo?

I approached a graphic designer at my 9-5 and asked if he'd be willing to do some work for me after hours.  He's asking how much I'd like spend cause he doesn't know how much to charge.  He's talented but doesn't do much outside our 9-5.

The logo will include two letters of my company.  

Please respond quickly as he's waiting for my response now.

Thank you BP Community!