Recording Bass for pay

[moffshiggits]

Before I start, let me say that I know this has been done before, I just want specific advice to my situation.

I got the offer to record some bass for a blues guitarist, and he asked me to record for him as well as play some shows and rehearse with him. He wants ideas for original material, too.

He asked me how much money I need to record per day, and I don't know how to respond. I have never recorded professionally, and even if I don't get paid much or even anything I would still record for the experience and for my name on the credits.

Basically, I want to give him an offer that is realistic so it doesn't sound like I am completely unexperienced (even though I kind of am when it comes to recording). I was thinking maybe $120 a day or something... Is this unrealistic? Should I go lower even or higher?

*Edit - He said that he does his own recordings and is looking for someone to make some demos with... With that bit of info, what should I charge for home recordings?