Help! Losing h20

I have a vinyl pool linear and I am losing about 3 inches of water/day out of the pool. At first I thought it was just evaporation because it's been hot out, but I found a small tear in the vinyl about 1 foot under the surface. It is about 1 inch square and the syrofoam underneath is exposed. Is it possible that I am losing all that water through this hole? And if so, what is the easiest way to fix it?

I appreciate all your comments.

Leslies as well as most pool stores carry a patch kit. Pretty cheap....5-7 bucks, I think. Very self explanantory directions but apply the patch QUICKLY or you wont get a bond.

I'd let it leak down to the level of the tear. Easier to fix and you will confirm that's the source of your water loss.:)

Thanks for the advice, I will do that...