What are interest rates?

All the explanations i've seen thus far seem too complex, i just want a very simple explanation. The way i understand it so far is that, when i want to borrow money from the bank, for example i want to borrow 1 million dollars, and the bank gives me the money, but instead of saying, you have 1 year to pay me back this money, they say, you can pay me back the money whenever you want, but until you pay them back, each year you have to pay me certain amount of money, and so this amount of money is called interest rate? Is that correct? So, if the interest rats are low, i.e. the money i have to pay each pay for borrowing a lot of money until i repay them back, then i have incentive to borrow more, but if that money is a lot, i.e. the rates are high, i have less incentive to borrow money because i have to repay them quickly?