I would check switches for faulty sensor on emergency brake...GOOD LUCK
Spongy brakes are usually an indication that there is air in the brake lines. It is also possible the brake fluid is low, so check that first.
Light is usually comes on, when there is a problem with pressure in brake lines. Inspect the brake fluid level, and check for leaks.
Check the brake fluid reservoir. If it is low, the light will come on notifying you that the brakes need to be serviced.
A Toyota Camry built in 1998 takes DOT 3 brake fluid. This is the standard brake fluid for passenger cars.
somtimes float sticks down in brake master
normal brake fluid
Your brake fluid is how the brake system converts mechanical force of your foot on the brake pedal, into hydraulic force that applies your brakes. Without fluid, your hydraulic brakes will not function.
Check the brake fluid level. Also you might have some air in the system. Anyway you will have to bleed the system.
DOT 3
In the brakes.
A dashboard light appearing when brake pedal is depressed usually means brake fluid is low.
Check the brake fluid reservoir, it may be low on brake fluid indicating it is time to have the brakes inspected.