The estimate we just received was $50 for the belt and 1 1/2 hours labor for total of ~$200 in Mesa Arizona.
I have a 99 LS and changed the belt myself in about fifteen minutes. The cost of the belt was under $20 Canadian. I am mechanically inclined, however, the diagram under the hood is easy enogh to figure out. You will need a socket set and pry bar. A chiltons or haynes manual will help save money in the future as well. They should be called backyard mechanics bibles! Good luck>
2001 Malibu requires you to remove engine mount in order to relace the belt. Must support motor. The first estimate is about right.
I'll include a how to video for you so that you can see what's involved with this repair.
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It should take less than an hour.
it could be a serpentine belt or accessory belt.
Call a mechanic