1988 Toyota Corolla 4 cyl Two Wheel Drive Automatic 250000 miles
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after i drive my car for a while smoke starts emitting from near the air cleaner next to the brake fluid holder it smells like burnt coolant, i was wondering what major problems could there be and approx how much would it cost to fix them?

I would check the coolant hoses for leaks as well as the heater core hoses. If they are original, they probably need to be changed.
Hopefully it is something simple like a leaking hose.