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You have the option to repair it and get it working, but once the monitor is repaired, the original settings of the monitor does not remain. Also, there is no guarantee that it will remain safe and working in the future as well. The amount which you will spend on its repair, and without having a guarantee of its working, its better to spend that on getting a new monitor. and this time, do not go for Acer. Acer has problems world wide. Its laptops have reported many problems.
My advise to you is that get the HP or Sony Monitor so that you can use it for a good amount of time.
The cost of the repair depends upon the part that needs to be replaced. That may vary from $30-50. The cost of new LCD monitor is within $100-150, So you cant compare a repaired monitor with a new one.
and regarding payment, i cant insist you to pay an amount. you can pay as much you like.