First of all, even if you do pay the ransom you'd probably just get scammed. It's way too risky for the hackers to try to make contact with your computer manually and send a decrypt order.
Luckily for you, there's a chance that they might be bluffing about encrypting (I've seen it happen once or twice). First thing you need to do is download Ubuntu, install it on a flash drive and check out your hard drive. Are all the files there?
Note: If you do make a backup, ONLY backup .pdf, .doc, .xlsx e.t.c. Do not backup files like .exe, .bat. jar e.t.c. They could have been infected.
As for the computer itself, reformat it. There is a very good chance they infected and then encrypted some other .exe files. Even if you do get rid of the virus, you might still have another virus leftover which could send sensitive data to the attacker.
Edit: In the meantime, make sure you do not keep windows booted. Encrypting takes time, it's possible that while you're looking at that screen the virus is encrypting more files.