Playing & Recording My Bass Guitar Through Logic Studio – How Do I Do It?

I used to play bass & now have been producing music using logic. I was just wondering, how do I easily set up my bass guitar so I can both record straight into logic with ease, or just jam say playing a loop on logic through my headphones w/ what I play coming out the headphones or speakers as well. I believe I need some kind of box usb interface thing but want some clarification before I buy. what exactly do I need? I’m on a tight budget,
have been looking at this:
will this cut it? I essentially just need to be able to play my bass guitar, though it would be nice to run some speakers and headphones tyhrough it as well… how does it even connect to my computer?
many thanks

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