1997 Toyota Corolla Repair Question
'97 toyota corolla 116,000 miles
Take it to a shop and have it checked before any damage is done to anything. If you smell burning something, its an indicator that something is getting very hot.Excessive heat causes damage.Might just be the clutch slipping at higher speed.
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When the noise is only evident when the transmission is in a particular gear( for your case in 5 th gear),suspect only those components that have been engaged by selecting that gear.
in this case I would check the fith gear or synchronizer
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