Frankly, the amount of money you are considering is ridiculous.
I get a half-hour lesson each week for $10.00 per lesson. These are GOOD lessons.
My teacher has a Master's from Oberlin College and has taught for many years.
She is a bit old at this point -- perhaps her mid 70's -- and is semi-retired, I believe.
But if you shop around, you should be able to get a good teacher at much less than the absurd overpayment you are considering.
I really wish you luck.
Ehem, frankly, I think the amount you are quoting is ridiculous. People who make their living with teaching can't possibly live off $20/hour. Around here (metropolitan US), high-quality teachers are asking for $40-60/hour.
That is not to say that one can't get decent lessons for $20/hour, but probably only from music students who teach on the side or someone who is well set and does it for fun.
So, better not instilling the idea in students that quality education can be had for $20/hours, or in teachers that they should lower their prices to that level. We'd be out of (good) teachers very quickly.