Engine dial goes into red zone on 1993 Toyota Paseo

Engine goes into red zone and wispy vapor starts to come out from under hood. If this is "water pump needs replacing, what is average cost of repair?

Asked by for the 1993 Toyota Paseo
The labor to replace the water pump is about 2.3 hours. I don't know the labor rate per hour in your area. The parts cost is about $125 only including the water pump and coolant. Hoses, clamps, other things are additional.
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