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ABS lite came on after a grinding sound and clank - what is issue and cost?

(2001 Ford Explorer)
in Emerson, NE on June 29, 2012
heard rubbing/metallic clank and grinding while driving down the road - than shaking and hard to handle or steer than ABS lite comes on and no brakes - hard to control. now brake pedal goes to floor - what is the issue? and avergae cost to fix?
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