Thanks for the help everyone!
So I decided to charge 15 bucks an hour for the filming and 20 an hour for the editing. I know this is kind of low, but I am a student at the moment and havent been doing this long enough to warrant a higher markup.
The idea of the equipment plus an hourly rate as suggested above was what led me to this pricing. Plus, it is a friend.
Thanks again everyone for your help!
Sean