Share your experience!
I had the same problem.
I installed ' ES File Explorer ' from Play Store and now I m getting this mp3 file selecting option.
Also the good news is this software can bn downloaded free of charge 
Go to settings > sound > phone ringtone > press the note in the upper right corner > select your mp3 file as a ringtone.
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Thanks. My problem did not solve. The menu you have said were not there. I can just chose the preinstalled ringtones.
yours.
Read once more . Se in upper right corner when you see the list of preinstalled ringtones.. A double 1/8 note. Press it. Then you get your album lis to choose from.
I have added a screen shot from my mobIle.please show me the note on it. Thanks.
Go to settings > apps > the "all" tab > media storage > clear defaults.
Then go to settings and change the ringtone again. If you get an option which app you should change the ringtone with you should select "sound picker".
HM, sorry for beeing a bit sarcastic...
You do have, at least, I do hve, two alternatives to pick a ringtone. As my phone is Norwegian, I'm not sure what the English terms are, should be somthing like "Sound picker" and Media storage". Your screeenshot shows "Media storage". No note there, in "Sound picker" there is, at least by me. When I chose "Ringtone" I get these two options:
Sound picker is the leftmost. If I use that one, I do see the double 1/8 note:
Thank you very much. My problem is solved.
A Hashemi.
Hi Everyone!
One gets really frustrated that costlier the phone the more difficult it becomes to get used to it when it should be the other way round. The essential step missing in the guidance given in the messages is that once you touch the music selector part on the top upper corner, a msg saying music album appears under your finger. At that time you are suppossed to tap that space and suddenly your exasperation dissapears. Enjoy 🙂