OK, I bought the new bake element. $26.95. Installed it.

Tested oven and stove. Thermostat is working properly. Set oven at 350. Put
oven thermometer in oven and got a 350 reading.

Broil setting works. All 4 coils on stovetop work.

Just one problem : The red light under the temp dial stays on, even after the
oven has cooled down.

The red light does go off, but only in "bake" or "broil", when the dialed temp
has been reached. The light clicks on and off as usual during cooking.

But after shutting down the oven, and setting the dial to "OFF", the red
light comes back on as soon as the oven temp cools down to below the thermostat
setting. The temp stays low, the oven does not try to heat up again, but the
red light comes on anyway, and stays on forever until I shut off the breaker,
or cook something.

I guess I can live wth this. Just have to get used to seeing that red light
on all the time unless cooking.

I removed the back panel and saw several wires that were "rippled" near
their connections to their receptacles( the dials on the control panel) , but
no obvious "melted wires".

If the red light eventually burns out, will it affect anything else ?

Thanks