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I went to reverse today, heard a loud bang and my truck will no longer reverse! on 1999 Ford Explorer

I have been told that it is the reverse transmission belt...is this accurate and if so what price range am I looking at to repair it?

Asked by for the 1999 Ford Explorer
Reverse band not belt. Can be repaired see an independent trans. mechanic. Not a chain store shop!
its a 99 repair is a waste of money i believe
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1 more answer , 1 more comment
r/b trans approx 2500.00
L/R band and soft parts about 1/2 that much approx. Just another option. Depends on mileage and how long owner plans to keep it. I guess.
Now that is if the ancor/servo tab off the band has not torn up other hard parts and pan not full of clutches, so as i say just another option.
It very well may not be worth repair! Got to take a look though. (I guess this is a 4x4 some were not.) Makes a little diff. in price!