Just curious, how much would you be willing to pay for a link on a PR5 page?
$3/month, $5/month, $7/month, $10/month or more???
I am about to ask someone to put my link on a PR5 page and I am trying to find out what is the going rate for this.

Thanks

I believe the average price should be around $3-5.

There's a link price calculator available here:
http://www.elancetalk.com/tools/Link-Price-Calculator

But I cant seem to get it to work. Maybe it's just me.

Depends on the site's offer for selling links. Some offers large amount, some doesn't.

What about traffic or pages?

Does that come into it much as well or does it mean little in reference to buying links based on the sites Page Rank?

A highly relevant link on PR5 may be worth $200 per month to one person, while that same link may only be worth $10 or $20 dollars to a webmaster with a less relevant site.