Audacity does it. You must have the LAME encoder with it though. Both are free downloads.
Here are the steps:
Open Audacity > Press Ctrl+P (alternatively, you can go to edit and then choose Preferences) > File Formats > Under the MP3 Export Setup you have an option to choose the Bitrate.
If you need help in downloading and installing LAME encoder after you have installed Audacity here are the steps for it:
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