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Actually your math is wrong.
The whole "multiply for duration" bit is actually only for spells that affect the wearer constantly.
You want a weapon that casts slow on the target - you don't want a weapon that casts slow on the bearer constantly, so the 120,000 number is... incorrect.
Alright - so the first thing you want to look at is weapon equivalencies. Haste and slow are pretty much siblings - same level, diametrically opposed effects, they even cancel each other out. So we can assume that a weapon that has a slow effect on a target is essentially as powerful as a weapon that casts a haste effect on a bearer.
The speed property is +3, so that's a good place to start. Now, speed doesn't actually grant the full benefits of haste - you just get an extra attack, which is arguably the most powerful of haste's bonuses, at least for certain classes - at least those classes that would be using such a weapon anyway.
A slowing effect at +3 could cast slow on a target at the minimum DC (14 for a 3rd level spell) for the minimum duration (5 rounds). It doesn't quite grant the full effects of slow (since it affects a single target instead of an area). The minimum cost of such a weapon would be 32,000 gp (for a +4 weapon), meaning that characters could get access to it at... 8th level, assuming they've sold all of the rest of their gear. At this level, you're still looking at quite a few enemies that will fail a DC 14 Will save - most CR 8 creatures' will saves are around +6 - +7, which means they're still failing their save about 30% of the time.
That's pretty good - maybe too good, in fact. However, consider that a wand of slow only costs a third of that, and still affects an area...
Let's consider a separate way of calculating the effect. The item you want mimics use activated, but it's really not - because it's actually a free effect on top of an action you're already taking. Let's keep the math simple for now, though, and pretend it's use activated.
That's 3 * 5 * 2000 = 30,000 gp. I'd be willing, as a GM, to cut that in half, because you're only affecting a single target instead of a bunch of targets - 15,000 gp. However, you're also not using up a body slot with the item, so that doubles the price back up to 30,000 gp. You can cut that price down by limiting the number of charges per day - at 3/day, that's 18,000 gp.
I would actually be pretty okay with that property as a GM - slowing, 3/day can slow a target that is successfully hit, target gets a Will save (DC 14) to negate, duration 5 rounds. You must declare you're using this ability before making the attack, but a miss does not waste a charge. +18,000 gp.
Alternatively, I'd let you playtest the more general slowing property I discussed above, at a +3 enhancement, with the caveat that, as a playtest, it could very well be adjusted (or downright taken away from you) if I deem it to be too problematic.
Either way - it should definitely not cost you 120,000 gp. Consider that at such a price, you can buy a headband of intellect +6 that has ranks in Use Magic Device, and then buy a wand of slow that will allow you to be far more effective at slowing people, and still have over half of your GP left over for more goodies? It's a bit much to pay. The holy avenger costs just over 120,000 gp, and it's a far better weapon than the one you calculated.