The big question is, what are you going to use the TM for, positioning, trolling, fighting wind/waves or just puttering around on calm lakes? Also, how big is your boat, light outboard aluminum hull or heavy I/O fiberglass hull, big difference. I'm guessing your Monarch is a light aluminum with an OB, and that a 50-55# TM would work fine...
My old heavy 16' fiberglass boat (2800#+) had a 40# transom mount on it, and it worked OK for trolling, it also got me back to the marina a couple of times when the main engine puked. I added a 24V 70# bow mount which was sufficient for casting, but I wasn't thrilled with the foot controlled motor. My current 18' boat has a 70# Power Drive bow mount which I like a lot, works well for both positioning and trolling with a hand-held remote control, but it's an expensive TM...
Regardless or what size of TM you buy, get a "digital" trolling motor as they will go far longer at slower speeds than an old speed coil TM's. I've owned MK and MG, and like MK much better. If you're handy, fixing a used broken TM can get you into a high dollar TM cheap. Both of the MK 70# digital TM's (Vector and PowerDrive) on my 18'er were broken and bought for around $100, and even after repairing them, they were about 1/3 the cost of a new TM.
When buying wire, check out Genuine Dealz. They sell high grade marine wire inexpensively. They also have; tinned connectors, heat shrink tube and misc items you'll need to complete the wiring project properly.