1997 chevy silverado k1500 shifting problem?

MIKE

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i recently bought a k1500 with a 5.7L v8. it was running fine for a while but i got in the truck this morning and shifted into reverse and the gear indicator light stayed on "R". the shifter still moves but doesnt actually engage. this is my first chevy, now is this a frequent problem or what. is it a major problem or just a quick fix?
 
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