8-speed
I can tell you without looking that it will have low-end components when I see that.
But I'll look anyway: Suntour, Alivio, Acera, EZ-Fire, Pro-Max, Well-Go. Yup, it's low-end. That price seems about right to me.
I second (and third) the recommendations that you trade the discs away for something with a better fork, derailleurs, and shifters.
To help figure out what components are better than others, go to the individual component makers' web sites (especially Shimano!) and figure out the hierarchy of their product lines.
Raleigh is still fine stuff for low-mid range, IMO. (They haven't gone the way of Mongoose, GT, and Schwinn yet. The second you see Raleigh at Wal-Mart, Toys-R-Us, or Target, etc., stay far, far away!)