What is a transmission range sensor and how much does the part cost and the repair for a 98 Ford Contour?

The Transmission Range (TR) Sensor senses the position of the gear selector. Depending on the gear selector position, the sensor sends differing signals to the PCM, which uses them for engine and transmission control operations. TR Sensor inputs affect operation of the EGR system, idle speed control, and transaxle torque converter lockup. It also takes the place of the neutral safety switch used on older ATXs.

What part will I have to but if I need a transmission range sensor?

Transmission Range Sensor.